Greg Schiano owes Rutgers University $800,000 after the coach’s decision to leave for the Tampa Bay Buccaneers of the National Football League.
Schiano, who was head coach at the New Brunswick, New Jersey-based school for 11 seasons, is obligated to pay a $500,000 buyout plus the $300,000 remaining on a home loan contained in his most recent contract in 2007, Jason Baum, a Rutgers athletic department spokesman, said in an e-mail.
The loan, originally $800,000, was forgiven $100,000 for every year he stayed with the team. He made $2.03 million including bonuses in the fiscal year ended in June.
Schiano, 45, accepted a five-year contract with the NFL team. He thanked those affiliated with the university yesterday in his introductory news conference in Tampa Bay.
Financial details of his contract with the Buccaneers weren’t disclosed by the team. The Newark Star-Ledger, citing an anonymous person familiar with the negotiations, said Schiano’s NFL deal is worth slightly more than $15 million.
Rutgers is trying to increase revenue to balance its intercollegiate sports budget. The athletic department’s $26.9 million subsidy in fiscal 2010 from student fees and the school’s general fund was the most among the 53 public universities in college football’s biggest conferences, according to data compiled by Bloomberg News.
The Rutgers athletic department had $62.7 million in revenue that year, with $46.7 million, roughly 75 percent, coming from the football team, according to financial records obtained through open records laws.
Schiano said yesterday that he wants the Bucs to reflect many of the principles he taught at Rutgers.
‘Humble, Unselfish Attitude’
“Our team will be built around a humble, unselfish attitude of sacrifice,” Schiano told reporters. “It’s hard to find that in today’s world, but that’s who we’ll be.”
Rutgers Athletic Director Tim Pernetti selected offensive line coach Kyle Flood as the school’s interim head coach while officials search for Schiano’s replacement.
National signing day is Feb. 1, which means Rutgers has to search for a new coach less than a week before high school recruits can sign to play at the school. Pernetti said on the school’s website that he has a list of coaching candidates and will find a permanent replacement as soon as possible.
The list of possible Schiano successors includes Temple coach Steve Addazio; Florida International coach Mario Cristobal, a former Rutgers assistant, and former Penn State defensive coordinator Tom Bradley, who took over the program when Joe Paterno was fired in November, according to the Record newspaper of Bergen County, New Jersey.
“It would be great for incoming recruits to know who their coach is before signing day,” Pernetti said. “If it takes a little bit more time, then we will take that time.”