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| (above) DU has scheduled a Press Conference for 11 AM today to announce the contract buyout of head hockey coach George Gwozdecky |
University of Denver head hockey coach George Gwozdecky was fired yesterday, when the university bought out the final year of his contract. Gwozdecky had a 10-year contract signed [mid-season] 2002 when DU was the
#1 team in the polls and Michigan State and the University of Wisconsin were conducting informal
coaching searches. A provision in the
contract was a rumored $1 million dollar balloon payout, to be paid at the conclusion of the contract, designed to keep the Gwozdecky at DU for the duration of the contract.
After the 2004 National Championship, DU and Gwozdecky extended
the contract to expire after 2013-14 season. The extension included raises and bonuses that would make him among the highest paid coaches in college hockey at the time [base $250,000-$300,000].
In June 2009 DU signed lacrosse legend Bill Tierney for significantly less than market value and less than Tierney made at Princeton. Suddenly DU is on the map in lacrosse, and the hockey program, for the first time in its history has to share the limelight on campus.
In June 2009 DU signed lacrosse legend Bill Tierney for significantly less than market value and less than Tierney made at Princeton. Suddenly DU is on the map in lacrosse, and the hockey program, for the first time in its history has to share the limelight on campus.
In February 2010 Gwozdecky wanted to extend his current contract to carry him to retirement. Around the same time DU re-upped basketball coach Joe Scott, to become the highest paid employee at the university. At the time, the hoops program was struggling to draw 1,000 fans most games. Someone ran to the Denver Post with all the juicy contract numbers, the basketball attendance numbers and DU's dirty laundry was splashed all over town.
In April 2010, the Ohio State ice hockey job became available and Gwozdecky went from consultant to candidate in the blink of an eye. But to hire Gwozdecky,
OSU would have to pay the annuity, give Gwozdecky his money and purchase all the bells and whistles Gwozdecky would need to build a
winner. Ohio State, with all the money in the world says, "No thank
you."
Throughout the Gwozdecky contract negotiations the Athletic Department remained confident they could re-sign Gwozdecky & Tierney to deals, but there was no hurry with Gwozdecky because of the balloon payment.
Gwozdecky wanted at least to receive rolling four-year extensions so his contract couldn't be used against DU on the recruiting trail. Once it became obvious that DU was not going to agree to an extension, Gwozdecky decided to be the good soldier and fulfill his contract confident that everything would work out.
Between 2010 and today, the University of Denver has been knocked around like a beachball because of conference affiliation issues [WCHA->NCHC, Sunbelt->WAC->Summit League]. DU spent millions trying to find a home for hoops only to discover that hockey, skiing, lacrosse and gymnastics success isn't worth much in the "new world order." Not fielding a football program has made finding a conference home almost impossible.
So the decision was made a few weeks ago to buy out the final year of Gwozdecky's contract and employ the same formula to find a coach they used back in 1994 when hiring Gwozdecky.
Throughout the Gwozdecky contract negotiations the Athletic Department remained confident they could re-sign Gwozdecky & Tierney to deals, but there was no hurry with Gwozdecky because of the balloon payment.
Gwozdecky wanted at least to receive rolling four-year extensions so his contract couldn't be used against DU on the recruiting trail. Once it became obvious that DU was not going to agree to an extension, Gwozdecky decided to be the good soldier and fulfill his contract confident that everything would work out.
Between 2010 and today, the University of Denver has been knocked around like a beachball because of conference affiliation issues [WCHA->NCHC, Sunbelt->WAC->Summit League]. DU spent millions trying to find a home for hoops only to discover that hockey, skiing, lacrosse and gymnastics success isn't worth much in the "new world order." Not fielding a football program has made finding a conference home almost impossible.
So the decision was made a few weeks ago to buy out the final year of Gwozdecky's contract and employ the same formula to find a coach they used back in 1994 when hiring Gwozdecky.
If DU gets the candidate they are targeting, you'll find similarities to Gwozdecky hiring in 1996.
