The University of Iowa fired men’s basketball coach Todd Lickliter yesterday. Lickliter was terminated after leading the Hawkeyes through three disappointing, losing seasons. What is shocking to most people is not that he was terminated, but that the University is paying him$2.4 million to leave. Many see it as a reward for doing a terrible job. Lickliter, however, is one of very few employees that was employed pursuant to a contract. The University cannot just terminate him like an at-will employee (see my previous post about at-will employment). When the University hired Lickliter they promised to employ him for 7 years at $1.2 million per year. The University decided yesterday that 7 years was too long and terminated him after only 3. Thankfully, the University had a termination clause in the contract that allowed them to terminate him at a buyout of only half of his contract rate ($600,000 per year). Otherwise Hawk fans may have been looking at $4.8 million to get rid of Lickliter and bring in a winning coach hopefully… Keno Davis anyone?