As more and more money pours into college sports, athletics directors are making more money than ever. All except the leader of one of the most profitable brands in college sports.
According to a report from Mike Finger of the San Antonio Express-News, Texas interim AD Mike Perrin is working without a contract at a reduced rate of quote-unquote only $750,000 a year. Perrin’s predecessor, Steve Patterson, signed a five-year contract starting at $1.4 million a year back in 2013.
Perrin, of course, stepped in for Patterson after his September firing.
Finger notes Perrin’s at-will employment status is common for high-ranking officials under new UT president Greg Fenves.
“Since Mike Perrin is a key member of university leadership, he and president Fenves agreed that his appointment should be consistent with other university leaders and that no formal contract was needed,” spokesman Gary Susswein told the paper.
Perrin’s $750,000 salary basically amounts to volunteering for him after a lengthy and lucrative legal career. Running a business with a $180 million budget on a $750,000 salary is the statistical equivalent to running a $1 million business while bringing home $4,167 a year.
“The situation with Mike at Texas is not normal,” Chuck Neinas said. “He’s made his money (as a lawyer). He’s basically doing the university a favor. He’s an outlier.”
Perrin’s original agreement is set to end on Aug. 31, but his handshake deal with Fenves asks the former Texas football player to run the department through the 2017-18 athletic year.