Coach Carr updates contract
As reported by John Heuser in the Friday, January 26, 2007, edition of The Ann Arbor News, Coach Carr signed an addendum to his contract on December 21, 2006. The addendum calls for the school to set up a deferred compensation account worth $300,000 within 15 days of July 1, 2007. Coach Carr will collect his money approximately a year later if he remains employed by Michigan "in any capacity, until July 1, 2008.'' According to the terms of Coach Carr's contract, he will be appointed an associate athletic director at the university and draw his base salary when he retires as coach. In a prior deferred compensation agreement that went into effect in 2005 and required $300,000 per year to be set aside for two years, Coach Carr was required to work as "Head Football Coach'' until July 1, 2007 as a condition for receiving that money. People are speculating that the change in the contract terms could be a sign that Coach Carr is preparing to step down as Head Football Coach after the 2007 season.
Besides the deferred compensation, Coach Carr is paid a base salary of $347,619 per year, plus $765,000 in additional compensation annually. He also receives a bonus equal to one month of his base salary when Michigan qualifies for a bowl game, or two months when the Wolverines reach a Bowl Championship Series bowl as they did this past season. Go Blue!
*Note: Photo of Coach Lloyd Carr by Rashaun Rucker/Detroit Free Press
Labels: Coach Carr