Scott Woodward will earn more money as LSU’s athletics director than his predecessor, Joe Alleva.
The newly-hired athletics director has signed a six-year contract that’ll take effect on May 6, according to documents obtained via a public records request. He’s guaranteed $1.1 million in total compensation during his first year on the job.
Woodward has already signed the binding agreement, which needs to be approved by the LSU Board of Supervisors at their next meeting.
According to the agreement, Woodward will earn $525,000 in base salary annually. He’ll also be paid an additional $575,000 to be paid by an affiliated entity. The additional portion of his salary will increase over the life of the contract at the following rate:
That means Woodward will earn $1.1 million during his first two years on the job. That sum will increase to $1.375 million in years three and four with Woodward set to earn $1.5 million over the final two years of the deal.
The agreement includes several incentives in addition to the total certain compensation. Woodward is entitled to a signing bonus of $250,000, which is to be paid within 60 days of May 6, 2019. He’ll earn a retention bonus of $250,000 on April 30, 2024 and an additional $500,000 if he completes the full six years.
According to the contract, LSU will pay Texas A&M $50,000 to cover Woodward’s buyout.
There’s also an interesting clause in the contract regarding the possibility that LSU incurs NCAA violations that predate Woodward’s tenure as athletics director.
If the NCAA Committee on Infractions, or any other body, imposes sanctions on LSU as a result of something that occurred before Woodward’s employment, he will automatically be extended for two additional years through 2027. His additional salary would stay at $975,000 in that event.
BY THE NUMBERS
6 – Scott Woodward and LSU have agreed to a binding six year contract set to begin on May 6, 2019.
$525K – Woodward will earn $525,000 in annual base salary throughout the six-year life of the contract.
$1.5 million – Woodward will earn $1.5 million in total annual compensation in each of the final two years of the contract.
$750K – The agreement includes two retention bonuses that will pay Woodward $250,000 on April 30, 2024 and an additional $500,000 if he completes the full six years.