The Chicago Tribune reported the common perception of Weis' buyout is not accurate. Multiple sources have told the Tribune the buyout, far smaller than believed, will not affect whether Notre Dame decides to fire Weis after Saturday's game at USC. One prominent alumnus called the amount "loose change."
One source familiar with the contracts of Division I football coaches said the typical buyout would be Weis' base salary times the number of years remaining on his deal.
Weis' base salary from July 2006-June 2007 was $598,000, according to the Ft. Wayne (Ind.) Journal Gazette. The newspaper cited figures from Notre Dame's federal 990 tax form, which requires the school to list its five highest-paid employees.
Weis' contract likely calls for annual increases to his base salary. If that average rises to $650,000, the seven-year buyout would be about $4.5 million.
It has been reported Weis' annual compensation package is worth between $3 million-$4 million, which includes money from speaking appearances, media contracts and apparel deals. Some industry sources dispute that figure, saying Weis' total package is closer to $2 million-$2.5 million.
Whatever the case, a consensus is building among sources with ties to Notre Dame that Weis is in danger of being fired after four seasons.
Source: The Chicago Tribune
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