Virginia football coach Mike London stands to make $750,000 if he still is the coach at U.Va. on Jan. 15, 2015, while he would owe a $2 million buyout if he leaves the school before the start of the 2014 season.
Those are two of the major details in the coach's new two-year contract extension, a copy of which was obtained by The Times-Dispatch on Wednesday. London's annual compensation increases to $2.1 million — a 23 percent increase — in 2012.
His assistant coaches also stand to benefit, with the pool of money available for those coaches rising from $2 million to $2.15 million, and an automatic 5 percent increase in each subsequent year.
The assistant coaches were on two-year contracts that expire this offseason. So far, only wide receivers coach Shawn Moore and defensive coordinator Jim Reid have officially inked new deals for another two years, but contracts are in the works for the others.
Reid received an 11 percent bump in pay to $395,000 annually.
There is no explicit word of London receiving compensation for his $225,000 donation to an indoor practice facility, as was originally reported by ESPN. However, London does receive a "loan forgiveness" bonus in the form of $452,760.
The coach had a $400,000 buyout when he left Richmond, an amount that was loaned to him by the school. U.Va. also spotted him nearly $166,000 to help with his housing transition to Charlottesville. The unpaid portion of those loans has been forgiven as part of the new deal.
London's new deal stipulates a buyout payment of $2 million to the university of he leaves Virginia in the next two years, although he has maintained he has no interest in doing so.
Also of interest is the date the contract was signed by London — Dec. 7 — suggesting the agreement had been in place for more than a month before it was publicly announced.
The school made the announcement the day before the Chick-fil-A Bowl, presumably with the intention of capitalizing on the publicity of that event.