Schiano Owes Rutgers $800,000
Greg Schiano, who left Rutgers for the NFL’s Tampa Bay Buccaneers on Thursday, owes the school $800,000 in buyout and loan payments, Bloomberg News reported Friday.
Schiano owes Rutgers a $500,000 contract buyout, in addition to $300,000 remaining on a home loan arranged in his most recent contract, school athletics spokesman Jason Baum said, according to the report.
The $800,000 home loan was forgiven at a rate of $100,000 for every year Schiano stayed with the team.
Rutgers paid Schiano about $2.3 million per year on a contract running through 2016, in addition to performance and academic performance bonuses and a side deal that paid him $250,000 through a sports marketing firm.