Rutgers/Schiano "Sit Down" yields arrangement of kickbacks

As only the State of New Jersey could do with such grace, Rutgers locked up Schiano until 2016 at $1.5M/year (3x that of any other state employee other than our millionaire Governor Corzine). The extension that would make Tony Soprano proud includes an $800,000 interest-free loan for the house Schiano is building on a parcel the university sold him last year from its ecological preserve. For each December Schiano is still at Rutgers, $100,000 will be forgiven. The new contract does include a $1 million buyout should Schiano leave for another school, but that figure decreases every year after this one. If he leaves before the end of the 2008 season, he'd owe $750,000. If he leaves after 2009 but before 2013, he'd owe $500,000, and by 2016, the penalty is just $250,000. It seems like the only thing that could piss off Schiano is if New Jersey/Rutgers Administration doesn't give him a bigger stadium. Unfortunately, with NJ budget cuts / deficits that might be the case. Season tickets for 2007 are already sold out, which is unprecendented. Lets hope the increased revenues are boosted by donations from rich alumni and NJ businesses long enough to give Schiano his free house on the banks.