Another coach buyout? What Frank Martin’s contract says about how much USC owes him
South Carolina will owe men’s basketball coach Frank Martin $3 million as part of a contract buyout after firing the 10-year Gamecocks coach Monday.
The dismissal comes after a second straight offseason on the hot seat. Martin and the Gamecocks negotiated for nearly a month following last year’s 6-15 season during the COVID-19 pandemic, and the school would have owed Martin a $6.5 million buyout had it terminated his contract after last season.
Instead, the Gamecocks and Martin agreed to terms on a two-year extension running through the 2024-25 season and lowered his buyout following the 2021-22 season from $3.3 million to $3 million. That adjustment will save the university $300,000 now that Martin has been let go.
The university has 180 days to pay Martin the buyout money, according to the most recent contract amendment.
“I don’t look at it as protecting ourselves or anything other than this is a statement about our program and our commitment to basketball from this university,” Tanner said of the reduced buyout at the time of the extension.
“You’re talking about a buyout situation that is a very good buyout, even still. You can look at comparatively some of the other buyouts around the country, and he remains with a very strong buyout.”
Martin’s buyout adjustment parallels a similar situation with former USC football head coach Will Muschamp, whom the university fired during the 2020 season. The university and Muschamp reached a deal to reduce Muschamp’s buyout by $2 million but still paid the coach a $12.9 million lump sum.
The size of Muschamp’s buyout was a point of consternation for local politicians when the Gamecocks considered firing Martin last offseason.
That $3 million — the exact final figure and whether or not it’s paid in payments or a lump sum — is likely to be negotiated between the university and Martin in the coming weeks.
If the Gamecocks had waited one more season — after April 1, 2023 — it could have fired Martin without paying a buyout.
Each of Martin’s USC assistant coaches, including top assistant Chuck Martin, have language in their contracts that says they’ll be terminated if Martin’s contract is terminated.
This story was originally published March 14, 2022 at 5:18 PM with the headline "Another coach buyout? What Frank Martin’s contract says about how much USC owes him."
