Update on Kirby’s multimillion-dollar contract extension

Georgia Tax Litigation AttorneyEarlier this month Georgia head coach Kirby Smart signed a 7-year contract extension for $49 million and The Red & Black was able to receive details about it through an open records request.

According to the contract amendment, Smart is set to receive a total of $6.6 million for the 2018 season, almost a $3 million jump from the $3.75 million he received last football season. Smart’s compensation will go up each year of the 7-year contract, maxing out at $7.4 million in 2024.

The amendment also states Smart will have a range of performance bonuses depending on Georgia’s level of success. Smart will receive an extra $700,000 if the Bulldogs win the national championship, and $500,000 if Georgia makes a return to the national title game.

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Smart could even earn a bonus of $225,000 for winning the SEC title, as the Bulldogs did in 2017, and $175,000 if Georgia is selected to play in any of the New Year’s bowl games.

There is a maximum of $925,000 in performance bonuses allowed in a year. If Smart won the SEC title and the national title in 2024, his full compensation for the year would be $8.325 million.

Smart also has access to a private jet, acquired by the athletic association, for up to 25 personal hours of use each calendar year.

If Smart is terminated before the contract’s expiration at the end of 2024, then the athletic association will pay him 65 percent of his remaining unpaid salary, 20 percent of which will come within 60 days of the termination.