Georgia Tech and head football coach Brent Key finalized a five-year, $15 million contract, according to the term sheet from the university obtained by The Athletic on Friday. Here’s what you need to know:
- Key’s base salaries escalate from $2.8 million in 2023 to $3.2 million in 2027
- Key “will work with the director of athletics” on staff decisions.
- Key has standard bonuses for winning more than eight regular-season games, New Year’s Six bowls and playoffs.
Background
Key was hired as the full-time head coach on Nov. 29 after being named interim on Sept. 26 times Georgia Tech fired former coach Geoff Collins and athletic director Todd Stansbury. Key went 4-4 as interim coach, defeating two ranked schools in Pitt and North Carolina. Prior to accepting the interim role, Key was in his fourth season as Georgia Tech’s assistant head coach, run game coordinator and offensive line coach.
In the event that Key is terminated without cause, Key’s buyout is also 70 percent of the remaining deal before the end of year two (2024), 60 percent before year three, 50 percent before the end of years four and five. His $3 million contract average is below reported new deals of other FBS coaches, which have ranged from Luke Fickell’s seven-year, $54.6 million with Wisconsin to Scott Satterfield’s six-year, $22.5 million with Cincinnati.
Is Key’s comparatively low salary about economics?
Key was a budget-friendly signing for Georgia Tech and that should not come as a surprise. The Jackets have had a decline in attendance and the athletic department is not flush with major revenue streams and is carrying debt, particularly after deciding to fire head coach Geoff Collins four years into a seven-year, $23.1 million contract, effectively forcing them to pay him about $11 million to walk away.
This no doubt impacted who new athletic director J Batt could seek to fill the position. He has declined to comment on the details of the search. The $3 million average annual value of Key’s contract is not only lower than most other deals signed by new college football coaches, but it’s also lower even than Collins’ $3.3 million. Key, a first-time head coach, not surprisingly received a deal lower in value than Scott Satterfield’s in Cincinnati (six years for $22.5 million) and Jamey Chadwell’s at Liberty (reportedly seven years for $28 million).
Now, does any of this mean Key was not a good choice as a football coach? Not at all. He did a remarkable job when he took over for Collins after a 1-3 start this season, going 4-4 with two upset road wins over top-25 teams (Pittsburgh and North Carolina). He endured losing two quarterbacks, including starter Jeff Sims, and clearly was the popular choice among players. Key has a straight-forward, no-BS style that connects with players and was needed at Tech after the tenure of Collins, who became known more for his branding and marketing efforts than his coaching.
It’s also fair to assume that if Key wins, he’ll receive a bump in salary. — Schultz
How will the budget impact Key moving forward?
The good news, from a Georgia Tech perspective, is Key has been given a $7.5 million salary pool for his staff in 2023. That represents a nearly 32 percent increase over the 2022 budget of $5.7 million. This will allow him to spend a decent amount of money on an offensive coordinator following the firing of Chip Long. Key has parted with at least two assistant coaches and the team’s strength coach, but it appears he will retain some members of the defensive staff. — Schultz
What should be expected in 2023?
That’s difficult to project now without knowing who will start at quarterback – Sims is in the transfer portal – what players the new staff will be able to bring in and what schemes the Jackets will run. Key has a $100,000 bonus in his contract if the Jackets can win eight games but that is going to be difficult with a schedule that includes Georgia, Ole Miss and Louisville. — Schultz
Required reading
(Photo: Brett Davis / USA Today)
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