Report: Schiano, Currie Signed Memorandum of Understanding

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    (Photo via CBS Sports)

    Just when you thought an eventful day couldn’t get any crazier, more news has surfaced about the Vols’ handling of the Greg Schiano situation.

    It was reported earlier that talks had stalled and the deal was off to bring in Schiano as the Vols’ next head football coach. But now an already messy situation has become even messier.

    According to Pete Thamel of Yahoo Sports, Schiano and Tennessee athletic director John Currie signed a Memorandum of Understanding before backing out of the agreement. Chris Low of ESPN claims the same thing. And that could be a big deal for Tennessee.

    For those unaware, the definition of a Memorandum of Understanding is as follows according to Investopedia:

    “A memorandum of understanding (MOU) is a nonbinding agreement between two or more parties outlining the terms and details of an understanding, including each parties’ requirements and responsibilities. An MOU is often the first stage in the formation of a formal contract.”

    An MOU typically describes “who the parties are, what the project is they are agreeing on, the scope of the document, each parties’ roles and responsibilities and more.” An MOU is not itself legally binding, but it “forces the participating parties to reach a semblance of a mutual understanding, and in the process, the two sides naturally mediate and figure out what is most important in moving toward an eventual future agreement that benefits both sides.”

    And because Tennessee and Schiano had reportedly signed that MOU, Schiano may seek compensation.

    According to Football Scoop, Schiano and his representatives are seeking some sort of compensation in connection with breaking the agreement. It’s not stated how much Schiano’s side would seek in compensation, but there are the reports that they want some sort of financial compensation for the deal being broken off.

    We will update as more news follows.