Oklahoma Sooners head coach Brent Venables signed his latest contract extension last year, shooting his overall compensation to $51.6 million. While Venables is no less than an asset for Oklahoma, a recent layoff drive from the university’s athletic department raises a few questions on the seriousness of the issue.
Staff Cuts Follow as Oklahoma Prepares to Pay Athletes While Brent Venables Keeps $51.6M Deal.
According to a recent report, Oklahoma trimmed athletic department jobs, and even AD Joe Castiglione took a pay cut as the school prepares for athlete revenue sharing.
In an internal email obtained by OU Daily, the university confirmed the layoffs, which were first announced to staff on Wednesday. Oklahoma’s athletic director, Catiglione, described the move as a “limited reduction in force,” calling it a necessary restructuring. However, the University of Oklahoma’s Board of Regents approved a new six-year contract worth $51.6 million for football coach Brent Venables back in February.
Oklahoma is laying off 5% of its athletic department staff due to looming revenue-sharing with athletes.
AD Joe Castiglione also told Sooner staff that he will be “adjusting my compensation,” which totals nearly $2M.
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Venables will earn an average of $8.6 million annually for the duration of the deal, including a salary of $8.15 million in 2024, which includes $600,000 toward retirement. Venables was set to enter the third year of his original fully guaranteed six-year, $43.5 million contract.
The University of Oklahoma’s associate athletic director, Mike Houck, told OU Daily that about 5% of the department’s 302 full-time, non-student employees, roughly 15 positions, were affected. Castiglione also informed staff that he would be reducing his salary as part of the department’s cost-cutting efforts.
“This is the only expected reduction in force for the department,” Castiglione wrote in the email obtained by OU Daily, adding, “We remain steadfast in our commitment to you and to the mission that drives us: serving our student-athletes and representing the University of Oklahoma with pride and integrity.”
In a separate letter to the University of Oklahoma fans and supporters, Castiglione outlined the university’s plan for a new revenue-sharing model. The department would allocate a maximum of $20.5 million in athlete compensation starting July 1, highlighting the financial adjustments required to meet these new obligations.
The settlement between the House and NCAA arose from a landmark lawsuit that challenged the NCAA’s restrictions on athletes profiting from their name, image, and likeness (NIL). A federal court ruled that the restrictions in place violated antitrust laws, prompting the NCAA to implement a revenue-sharing framework.
KEEP READING: Oklahoma’s Offseason Took a Sharp Turn — Why Brent Venables Is Facing Big Trouble Behind the Scenes
The shift shows a historic change in college athletics, requiring all schools, even big-name schools like the University of Oklahoma, to restructure their budgets and staffing to accommodate compensation for the student-athletes.
An approved settlement from Judge Claudia Wilken has been delayed over multiple issues but is expected to be agreed upon in the coming days.
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