Rhule's new contract at Nebraska means millions in savings for Panthers owner

By Brian Murphy, WRAL sports reporter

Matt Rhule's decision to take the head-coaching job at Nebraska is saving Carolina Panthers' owner David Tepper tens of millions of dollars.

Rhule, 47, was fired in October, just five games into this third season with the Panthers, who signed him to a seven-year, $62 million contract to lure him from Baylor to the NFL. He went 11-27 with the Panthers, including 1-4 in 2022.

The deal was fully guaranteed. At the time of his firing, Rhule was owed about $40 million. As of this week, the Panthers still owed their former coach about $34 million, according to multiple reports.

But the contract included salary offsets, meaning that any salary Rhule made at his next job would offset what the Panthers owed him over the next four years.

Rhule agreed to an eight-year contract worth more than $74 million to coach Nebraska. The deal is backloaded, however. Rhule is slated to make $28 million in the first four years.

So it's possible the Panthers' bill for Rhule could be as little as $6 million thanks to his new job and contract.

Rhule said at the press conference that he and his family considered taking a year off from coaching to spend time together. Rhule has three children.

But Rhule, who had success in rebuilding programs at Temple and Baylor, said he was contacted by one school almost immediately after being fired by the Panthers.

"I’ve told every recruit that I’ve talked to that I’m not making more money to work today than I would be if I was playing golf back in Charlotte," Rhule said at his introductory press conference at Nebraska. "Like, I could be on the golf course making the same money today. So this wasn’t a financial decision, but I thought I could fit here and the people are right."