The rumblings first surfaced last night that Bobby Petrino was on the verge of a new seven-year deal, although the financial particulars were not yet known.
Well, they are now and, suffice to say, it’s going to be very merry -- and very green -- Christmas around the Petrino household.
Arkansas officially announced this evening that they had reached an agreement on a seven-year contract extension with their head coach. The new deal would keep him in Fayetteville through Dec. 31, 2017, and effectively take him out of the running -- if he was even it -- for the Florida vacancy.
The release announcing the extension states that the new agreement supersedes the remaining four years of the original employment agreement.
“We are pleased to announce a new agreement with Coach Bobby Petrino that will enable our program to move forward under the leadership of one of the most successful college football coaches in the nation,” athletic director Jeff Long said in a statement. “This agreement demonstrates a mutual long-term commitment between Coach Petrino and the University of Arkansas. Coach Petrino has done a tremendous job in leading the Razorback program to new levels of success both on and off the field. I appreciate his strong desire to remain at the University of Arkansas to continue to build our program and positively impact the lives of our student-athletes. I am excited about the direction of the Razorback Football program and look forward to Coach Petrino serving as the head football coach of the Arkansas Razorbacks for many years to come.”
“I am excited to express my commitment to the University of Arkansas,” Petrino said. “Chancellor (Dave) Gearhart and Jeff Long have been tremendous in terms of their support and I appreciate the positive energy the fans have demonstrated. I look forward to continuing to dedicate myself to leading the Razorback football program.”
Now, for those financial particulars...
The release also reveals that the seven-year deal will pay Petrino an average of $3.56 million annually. That figure would’ve made Petrino the sixth-highest paid coach in college football in 2010.
Like we stated last night, this is exactly why a successful head coach, regardless of how much they protest publicly, does not mind having their names connected to coaching vacancies.