President-elect Dr. Richard McCullough will earn $700,000 annually as part of an employment contract that received Board of Trustees approval on Thursday afternoon.
BOT chairman Ed Burr outlined some details of the five-year deal, which includes a potential annual bonus of up to $150,000, subject to review and approval by the board. Other details from a term sheet released to the Osceola and other media: He will receive a car allowance ($1,000 per month), undisclosed amounts for a signing bonus and moving expenses plus retirement/deferred compensation. McCullough will also become a full professor in the College of Arts and Sciences.
If McCullough, 62, stays the full five years of his contract, he would receive a $500,000 retention payment. McCullough’s contract must be approved by Florida’s Board of Governors, which will meet on Wednesday.
This was the final BOT meeting for president John Thrasher, who will retire on Aug. 15. McCullough’s start date is Aug. 16.
“This is our last board meeting together,” Burr said. “It’s been a good run. We said a lot yesterday. I’m not going to repeat everything. You can’t say enough and you can’t say it often enough. But all I can say is thank you on behalf of the Board of Trustees, the University, the city of Tallahassee, the state of Florida. It’s been an honor to serve with you.”
A few other notes from the BOT meeting:
An “eight-figure gift” has been made to FSU, although no details of what the donation will go toward were described by Andy Jhanji, the Interim VP for Advancement and Executive VP at the FSU Foundation. While the amount is not known, that represents one of the biggest in recent years. Two recent examples: Jim and Jan Moran donated $100 million toward the Jim Moran College of Entrepreneurship, while Al and Judy Dunlap have made multiple donations toward the Champions Club and the football operations building.
The case of NCAA vs. Alston, which the Supreme Court has taken under review, is ongoing. It’s a case that revolves around antitrust dispute related to college athletes’ compensation. The Supreme Court did not offer a decision on Thursday and now could do so next week.
FSU is using an Apex program and working with Inflcr to help in NIL education as well as to help athletes grow their brand. Administrators and coaches feel as prepared as possible for the pending legislation in Florida, which will become law in two weeks. But direction from the NCAA or Washington regarding uniform legislation is uncertain. “We have had no NCAA action at this point,” FSU athletics director David Coburn said. “And we’re getting mixed messages as to whether or not they are going to try to do something before July 1.” The Osceola wrote about the first NAIA athlete to earn compensation, Chloe Mitchell, earlier this week.
Coburn also said the NCAA has limited the number of full pad practices and contact days in August, while reducing to just two scrimmages in preseason camp. He also said the Oklahoma drill has been eliminated, stating the medical studies have indicated a high number of concussions as a result of August practice.
There will be a new BOT meeting on Aug. 27, which will be McCullough’s first.
If you missed it, the Osceola also had notes from the FSUAA meeting on Wednesday.