Edison Board of Mythomania approves Super O'Malley's new 4-year contract - so much for Super Salary Caps!?!

Well, just got a copy of Dr. Richard 'Looking for the Exit Ramp' O'Malley's new contract yesterday.  Did some rough calculations to see what it means and don't think he'll be crying all the way to the bank any time soon.

Looks like all they did was to take his current contract with Max 2% increases in salary and performance bonus, respectively and extended it out over the next four years and just moved salary dollars into bonus dollars. Funny part is that under this contract, he ends up making more money than if they just extended his current contract for the next four years.

Just to summarize:

• An annual salary of $209,000 (from 4/1/15 through 6/30/16)
• Inflation increases beginning 7/1/16 of 1.6%
• Another inflation increase of 1.6% beginning in 7/1/18
• Performance Bonus of Max of 8% for school year 2014-15
• Performance Bonus of Max of 10% for school years 2015-16 & 2016-17
• Performance Bonus of Max of 12% for school year 2017-18 & 2018-19

Now, there's Good and Bad News with this new contract. The Good News - O'Malley won't have to worry about money and escalate any future job hunting escapades and, the Bad News - he still gets what he's getting now.

Here's the rough numbers:

And here's first two pages of the contract:

Anyhoo, disloyalty has it rewards and a safe haven over there on Mythomania Lane.