When making that announcement on June 27, George said the details of the deal would be released the next day, but the school never actually announced those details. Through and open records request, Buffzone.com has obtained a copy of the agreement with Nike, which was actually signed back in February.
CU's original deal with Nike began in 2001 and, in 2006, the deal was extended through June 30 of this year. This new extension takes the deal with Nike through June 30, 2025 - another nine school years.
Between now and 2025, CU will receive roughly $2,928,000 per year in base compensation and supplied product. Those numbers are broken down as follows:
Base compensation: $750,000 each year Supplied product limit: $2,177,778 average per year (annual value escalates throughout the contract, topping out at $2.4 million in each of the last two years)
In addition, CU received a one-time $2 million commitment bonus from Nike - basically a signing bonus.
Nike also supplies CU with products (such as T-shirts) for sports camps, and there are minimal performance bonuses written into the deal. For example, if the Buffs reach the Pac-12 title game in football, they'll get a $10,000 cash bonus; if they win the Pac-12 tournament in men's basketball, they'll get $10,000; winning the Pac-12 tournament in women's basketball brings a $5,000 bonus.
Adding up the base compensation, supplied product values and commitment bonus, CU's new deal is worth around $3.1 million per year over the next nine years. That's around $1 million more per year than the previous deal.
In the prior agreement, which ran from 2006-16, CU received about $1,875,000 per year in base compensation and supplied product. In that deal, CU got $400,000 per year in base compensation and an average of $1.475 million in supplied product. The previous deal included similar supplied products for camps and similar performance bonuses. CU's commitment bonus in 2006 was $150,000.
Contact staff writer Brian Howell at email@example.com or twitter.com/BrianHowell33.