Plan to cover NMSU tab works — for all parties
It’s the kind of common-sense good deal that hasn’t exactly been stock in trade for the University of New Mexico Athletics Department in recent years.
First-year Lobo basketball coach Paul Weir owes New Mexico State University $450,000 for bailing out on the Aggies and taking the UNM job. That’s a significant chunk of change to both cash-strapped athletics programs.
The Aggies aren’t about to walk away from it and forgive the debt — nor should they. And UNM, with its budget woes, isn’t about to cover it. And it shouldn’t.
Under an agreement struck last week, most of the money gets paid when UNM directs what would have been retention bonuses paid to Weir over the next five years to NMSU instead. Under Weir’s UNM contract, he would have received $50,000 on March 30 of each contract year and an additional $100,000 bonus if he is still employed at the end of year six.
UNM cites tax advantages to Weir — whose base salary is $300,000 and total compensation is $675,000 for the 201819 season — in that he would not have to count the money moving between the two schools as personal income. We assume tax experts have signed off on this, and hope Uncle Sam will, too.
UNM’s new president, Garnett Stokes, says “we are appreciative to coach Weir for his leadership and commitment to the university. The request is reasonable and we are willing to accommodate it as it does not materially affect our contractual agreement with him.”
That’s a good example of holding firm on principle and being flexible in problem-solving.
UNM is counting on Weir to breathe new life into the basketball program and re-energize the fan base. His product on the floor and strong run in the Mountain West Tournament make him a good bet to do just that.
Meanwhile, should Weir leave UNM before the end of his contract, the agreement makes clear he will be responsible for any balance due to NMSU.
Congratulations to all involved. Everyone benefits from putting this issue in the rear-view mirror.