Financially, there is no way Mike London loses, even if his team does.
richmond.com
Look through a football coach’s contract and some interesting things stick out. The Times-Dispatch examined London’s five-year William & Mary deal, agreed to on Nov. 13, 2018, and discovered the following in the 18-page document, beyond his base salary of $350,000:
* “If the Football Team completes its season with a winning percentage of .500 or less, and does not make the FCS Playoffs, Coach will receive a $10,000 increase; If the Football Team completes its season with a winning record, Coach will receive a $20,000 increase.”
* The incentive compensation clause includes bonuses of $10,000 for being named CAA coach of the year, $10,000 for being recognized as the Eddie Robinson FCS coach of the year, $10,000 for a CAA regular-season championship, $5,000 for each FCS playoff victory (or bye earned), $50,000 for a national championship, $10,000 for a win over an FBS opponent, and $2,500 for beating rival University of Richmond, London’s alma mater.
* London receives $50,000 annually for making himself “available to the media to promote the Football Program and the University.”
* London receives $20,000 annually for fundraising/community outreach participation “designed to increase awareness of and support for the Football Program and the University.”
* “At the conclusion of the initial term of this Agreement (January 31, 2024), Coach will receive $30,000 for each year of this Agreement ($150,000 total), provided Coach is not terminated for cause and provided he has not resigned.”
* During the length of the contract and through any extensions, London “will be furnished the use of a late-model car appropriate for a Division I Head Football Coach.” He is responsible for “regular oil and filter changes,” gas and insurance costs.
* W&M paid London $20,000 for moving expenses and financed temporary housing, if needed, through March 31, 2019.
* London started the job with an annual salary pool of $800,000 for 10 assistants. Two-year contracts could be offered to offensive and defensive coordinators - "with incentives for statistical excellence" - while other assistants operated with one-year contracts. A bonus pool of $30,000 was available for assistants if the Tribe reaches the playoffs.
* London and W&M agreed that he should “use best reasonable efforts to assist and promote the University’s Athletics Program by soliciting and encouraging contributions to and support for the Tribe Club and the University’s intercollegiate sports program. Coach shall also make periodic appearances for the Tribe Club at regional events and activities, as requested by the Club’s President of the Director of Athletics.”
* William & Mary “agrees that it shall use its best reasonable efforts to facilitate remunerative opportunities for Coach with the companies and entities with which the University has entered into an agreement, including but not limited to shoe, equipment, and apparel manufacturers, provided that these business opportunities do not interfere with or detract from his duties as Head Football Coach.”
* London automatically receives a one-year extension for each season that results in the Tribe advancing to the FCS playoffs.
* If dismissed for the program's on-field results, London would receive the equivalent of his annual base salary (plus yearly increases and bonuses to the date of termination). That would be his severance package.
"The University's obligation to make such payment is expressly conditioned upon Coach actively seeking, in good faith and with due diligence, gainful employment during the period of continued payments of base salary and retention benefits, unless this requirement is waived in writing by the Director of Athletics."
London - the former Richmond, Virginia and Howard coach - has led the Tribe to records of 5-7 (2019), 1-2 (spring 2021) and 6-5 (2021).
A $10,000 raise for each losing season? Examining Mike London's W&M contract.
Tribe coach can earn $2,500 bonus for beating rival University of Richmond, his alma mater.
Look through a football coach’s contract and some interesting things stick out. The Times-Dispatch examined London’s five-year William & Mary deal, agreed to on Nov. 13, 2018, and discovered the following in the 18-page document, beyond his base salary of $350,000:
* “If the Football Team completes its season with a winning percentage of .500 or less, and does not make the FCS Playoffs, Coach will receive a $10,000 increase; If the Football Team completes its season with a winning record, Coach will receive a $20,000 increase.”
* The incentive compensation clause includes bonuses of $10,000 for being named CAA coach of the year, $10,000 for being recognized as the Eddie Robinson FCS coach of the year, $10,000 for a CAA regular-season championship, $5,000 for each FCS playoff victory (or bye earned), $50,000 for a national championship, $10,000 for a win over an FBS opponent, and $2,500 for beating rival University of Richmond, London’s alma mater.
* London receives $50,000 annually for making himself “available to the media to promote the Football Program and the University.”
* London receives $20,000 annually for fundraising/community outreach participation “designed to increase awareness of and support for the Football Program and the University.”
* “At the conclusion of the initial term of this Agreement (January 31, 2024), Coach will receive $30,000 for each year of this Agreement ($150,000 total), provided Coach is not terminated for cause and provided he has not resigned.”
* During the length of the contract and through any extensions, London “will be furnished the use of a late-model car appropriate for a Division I Head Football Coach.” He is responsible for “regular oil and filter changes,” gas and insurance costs.
* W&M paid London $20,000 for moving expenses and financed temporary housing, if needed, through March 31, 2019.
* London started the job with an annual salary pool of $800,000 for 10 assistants. Two-year contracts could be offered to offensive and defensive coordinators - "with incentives for statistical excellence" - while other assistants operated with one-year contracts. A bonus pool of $30,000 was available for assistants if the Tribe reaches the playoffs.
* London and W&M agreed that he should “use best reasonable efforts to assist and promote the University’s Athletics Program by soliciting and encouraging contributions to and support for the Tribe Club and the University’s intercollegiate sports program. Coach shall also make periodic appearances for the Tribe Club at regional events and activities, as requested by the Club’s President of the Director of Athletics.”
* William & Mary “agrees that it shall use its best reasonable efforts to facilitate remunerative opportunities for Coach with the companies and entities with which the University has entered into an agreement, including but not limited to shoe, equipment, and apparel manufacturers, provided that these business opportunities do not interfere with or detract from his duties as Head Football Coach.”
* London automatically receives a one-year extension for each season that results in the Tribe advancing to the FCS playoffs.
* If dismissed for the program's on-field results, London would receive the equivalent of his annual base salary (plus yearly increases and bonuses to the date of termination). That would be his severance package.
"The University's obligation to make such payment is expressly conditioned upon Coach actively seeking, in good faith and with due diligence, gainful employment during the period of continued payments of base salary and retention benefits, unless this requirement is waived in writing by the Director of Athletics."
London - the former Richmond, Virginia and Howard coach - has led the Tribe to records of 5-7 (2019), 1-2 (spring 2021) and 6-5 (2021).
