According to a Memorandum of Understanding acquired by the News Sentinel on Wednesday, the Vols and their new coach seem to have financially tied themselves together, setting a buyout for Dooley if he resigns at $4 million for the next two seasons and $5 million for the next three if he were to be fired.
“This is a destination job,” Vols athletic director Mike Hamilton said when he hired Dooley. “This is the place where he’s familiar with this league, this is the top of the ladder as it relates to getting it done the right way and competing for championships.
“We talked about things like buyouts for leaving and that was never an issue because he said, ‘This is where I want to be.’ ”
One way or another, it would be expensive for somebody if Dooley doesn’t stick around at UT.
The MOU, signed by Dooley, Hamilton and interim president Jan Simek in early March, includes a $3 million payment to the university if Dooley resigns after a third season, then decreases to $1 million or less during the last three years on his contract.
The dropoff isn’t quite so dramatic the other way, with Dooley still getting $4 million if he’s fired after his fourth and fifth seasons with the Vols and $2.5 million if he’s let go before his deal expires on Dec. 31, 2015.
The agreement also specifies one other buyout ,with UT responsible for the $500,000 it cost to get Dooley away from Louisiana Tech in the first place.
“I wish I could sit here and give you a one-liner that’s going to convince 100 percent of the fans, but that’s never going to happen,” Dooley said at his first press conference. “All I can do is go to work and assure you that I love being where I am, and I’m not looking to leave.”
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