Wednesday, November 16, 2016

Super Salary Cap to rise to $191.5k - Can we possibly get more money for Super O'Malley?!?

Well, just saw this piece here on NJ.Com and looks like the increase from the existing $175k will go into effect next year. Of course, in our situation over there on Mythomania Lane - the cap never came into play for us since the Board hired him before the cap went into law and renewed it by going for a waiver.

You remember that saga with Señor O'Malley. The Board of Mythomania brought him in on a cold night back in November 2010 to give him a contract at $210k. That contract ran from 2/7/11 to 7/1/15, with the caveat of 'or earlier' to the 2/7/11 start date. You all remember why 2/7/11 was an important date - it's the date the new Super Cap law went into effect. They beat the Cap. The cap law wouldn't take effect until his next contract.

And you remember how and when they renewed his contract in 2015. Seems it didn't matter that Super Dr. Richard 'Looking for the Exit Ramp' O'Malley was out publicly interviewing for another Super Gig in another state. Unfortunately, he didn't get it.

So, what does our Board do? They reward his loyalty with a Safe Haven contract renewal in 2015 and since he now falls under the new cap law, they went and got a waiver of the $175k for his new contract that runs from 4/1/15 to 6/30/19.

So, let's see how they treated Super O'Malley. Under his original contract, his $210k salary grew to $223k in 2015 when they went to renew his contract. Under the new cap law, with more than 10,000 students they went for a waiver of the $175k and got it. His new contract in 2015 had a salary of $209,000 but with bonuses ranging from 8% to 12% over the life of the contract.

Now remember, he was making $223k up until 4/1/15 of the 2014-15 school year and $209k for the remaining few months. However, he got an 8% bonus of $16.7k on top of the $209k so his new annual compensation was $225k. Just a shift from salary to bonus in real dollars (though bonuses don't enter into pension considerations). Then in 2015-16 they gave him another 10% bonus of $20.9k, apparently for his purchasing acumen.

His current salary is now sitting at $212k and he is eligible for another 10% bonus for this school year.

Don't want to bore you with anymore details so if you're interested - you can just type in 'O'Malley Contract' in the Search box and you'll see all the previous posts including his contracts.

So much for salary caps over there on Mythomania Lane:

Moral of this story - if there's any way that this Board can turn this increase in the Super Cap Max into more money for their favorite Super, they will certainly try. After all, who knows how much more it will cost us if he goes out for another Super Gig and doesn't get it!

Anyhoo, still waiting on the 2016-17 Merit Bonus criteria but given how these things are written - safe bet with this Board is to chalk up another $21k in the bonus column for Señor O'Malley.

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