Joe Paterno Calls It Quits
University Park, PA - April 1, 2008 - It was announced today that Penn State football coach Joe Paterno will retire following the annual Blue/White Game on April 19th. Accordingly to a source at the University, contract talks between the coach and University President Graham Spanier broke down on Sunday.
Late yesterday, Paterno handed in his resignation, effective April 20, 2008. Although Paterno's contract runs through the 2008 season, Paterno took a $20,000 payout to end his tenure in April rather than at the end of the year.
Paterno stated to his wife Sue, according to a source "That money will come in handy."
Joe's son Jay Paterno will replace his father as coach on April 20. According to sources, Jay has received a 5-year contract that will pay him $5 million per year, plus a built-in bonus of $7 million/year if the team wins six games in one season. In addition, wins against Coastal Carolina or Temple will generate an additional $1 bonus for the younger Paterno. There is no built-in incentives for wins against powerhouses Michigan or Ohio State.
According to the source: "There was no reason to put those types of incentives into the contact since there would be no way that Jay could exercise those during his tenure."
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