There will come a time when Virginia Tech Coach Frank Beamer retires, and on Tuesday athletic director Jim Weaver mapped out exactly what will happen when that day arrives.
In announcing the details of Beamer’s recently signed contract extension that runs through the 2016 season, Weaver said the new deal also includes a provision that calls for Beamer to move into a special assistant to the athletic director role and earn a salary of $250,000 for eight years once he decides to end his coaching career.
Weaver and Beamer both emphasized that just because the contract runs through 2016, it doesn’t necessarily mean Beamer will stop coaching then.
“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.
Beamer’s contract extension will kick in beginning January 1, 2013 and runs through December 31, 2016. Starting in 2013, Beamer will 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 on the contract.
That puts Beamer’s guaranteed income for 2013 at about $2,305,672, not including postseason bonuses and various other incentives tied to the school’s Nike contract. For reference, according to Beamer’s seven-year contract signed in 2006, he will make about $2.093 million guaranteed in 2011.
The new contract stipulates that either Virginia Tech or Beamer could end the contract at any point after a 10-day notification period. That would then initiate Beamer’s eight-year agreement to be special assistant to the athletics director. Weaver said Beamer’s role would involve fund-raising and making appearances on behalf of the university.
Weaver, though, emphasized that despite the terms of this contract, Beamer’s run leading Virginia Tech’s football team will end “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 want it to be awkward,” said Beamer, who will be 70 years old when this new contract ends.
“I think I’ll know exactly when is the right time to finish up coaching at Virginia Tech. 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.”