Eustachy's contract contains hefty buyout clause
DES MOINES - Iowa State basketball coach Larry Eustachy's contract allows him to buy his way out for much less than the university would have to pay him if he were fired.
The 10-year contract Eustachy signed in March includes a clause that would require the Iowa State University Foundation to pay him up to $1.6 million if he were fired because of his team's poor play.
The full amount would be due if Eustachy were dismissed before July 1, 2005. The payout would be reduced in each succeeding year, down to $800,000 if Eustachy were fired after July 1, 2009.
Eustachy could get out of the contract by paying the ISU Foundation $200,000, providing he did not take another coaching job in Iowa or in the Big 12 Conference.
A school going after Eustachy probably would not be deterred by the $200,000 payment.
Murray Blackwelder, Iowa State's vice president of external affairs, said the university felt comfortable with the buyout clause because officials were confident Eustachy would continue to win.