Richt, entering his 12th season at Georgia, will receive a three-year contract extension. Added to his current deal, the extension gives Richt a total of five years and will take him through the 2016 season.
“I’ve never really changed my stance on how I feel about Georgia from the first day I got the opportunity to be here,” Richt said. “…I’m thankful that Mr. McGarity and the University of Georgia is excited about me continuing on as the head coach.”
The financial details are still being finalized, but there’s “no rush,” McGarity said. Richt’s current compensation is valued at $2.81 million annually.
“Now we’re tweaking some things, and it’s really in the lawyers hands working through some language,” McGarity said.
Negotiations on the extension began shortly after Georgia played LSU in the SEC Championship game. Since that time, Richt and McGarity have met repeatedly to not only work on extending the lifetime of Richt’s contract, but to also simplify the actual document.
“We’re basically starting over with the terminology and stuff like that to make it easier to read and easier to understand,” McGarity said.
Richt was pleased about the length of the new contract because it enhances a recruiting pitch to prospective high school players -- Richt can now say he will be the coach at Georgia for their entire careers.
“Any guy we’re recruiting now, most of them think four years is the most they’ll be around, a lot of them think they’ll be going (to the NFL) in three,” Richt said. “I don’t think that’s a problem at all. I think it’s a good thing.”
In addition, Grantham has agreed to a two-year extension added to his existing deal. The new three-year contract will carry him through the 2014 season. The financial details are still being finalized.
“Todd has done an outstanding job with our defense and I know our staff and players look forward to his continuing leadership on that side of the ball,” Richt said.
Extending Grantham’s deal was a primary focus because his former deal was set to expire in less than 12 months (February 2013). No other assistant’s contracts are being discussed at this time, McGarity said.