For those who argue US higher education is NOT a business. Sports is one of the profitable business dimensions.
On a warm, sunny day last month at the University of Iowa, head football coach Kirk Ferentz wore a white shirt and gold-striped tie to a special announcement about his future. He had just signed the deal of a lifetime — the biggest contract of his life, with enough guarantees to make him a rich man well into his retirement, win or lose.The new contract included several generous provisions:► Even if he’s fired after this season for not winning enough games, the 61-year-old Ferentz would be owed more than $25 million, payable in monthly installments until 2026.► He’s guaranteed an additional $22 million from 2021 through 2025 if he sticks around and wins at least seven games each season through 2020. It wouldn’t matter if he’s dismissed in 2021 after finishing 0-12.