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BEAMER PRIOR TO THE APP STATE GAME. |
Athletic Director Jim Weaver and Beamer both emphasized that
Beamer might coach beyond the length of this extension, which runs through
2016. Weaver referenced 84-year-old Penn State Coach Joe Paterno, and indicated
the special assistant role was only for “when Frank is ready to stop coaching.”
“What I think is important for both sides is that it’s not
awkward at the end, whenever the end is. I don’t plan it being any time soon,”
said Beamer, who will be 70 years old in 2016.
“I think I’ll know exactly when is the right time to finish
up coaching at Virginia Tech,” Beamer said. “I think so much of this place.
It’s been so good to me, and when the right time is, I think I’ll know.”
Beamer’s current seven-year contract runs through the 2012
season, and the extension will begin on Jan. 1, 2013. It calls for Beamer to
earn a base salary of about $285,000, a figure that will increase by five
percent every season. There’s also a yearly retention incentive of $2,020,672
that will increase by $100,000 following the conclusion of each year of the
contract.
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(Streeter Lecka/Getty Images) |
That puts Beamer’s guaranteed income at just more than $2.3
million for 2013, not including postseason bonuses and various other incentives
tied to the athletic department’s contract with Nike. In comparison, Beamer
will make about $2.093 million in guaranteed income for 2011.
Weaver said the extension also includes a stipulation that
either side can terminate the contract after Jan. 1, 2013, as long as there are
10 days of notification provided. If that were to happen, Beamer’s eight-year
agreement to move into a special assistant role would begin almost immediately.
“We wanted to do something that’s right for the university,
right for Frank and a way to say thank you for a terrific career,” Weaver said.
“We know when we have a good thing going on, and we’re not about to do anything
to dismantle it.”
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