Clemson
December 4, 2007: Clemson signs Tommy Bowden to a contract extension.
October 13, 2008: Tommy Bowden forced to resign.
Miami
May 12, 2010: Miami signs Randy Shannon to a new, four-year contract.
November 27, 2010: Miami dismisses Randy Shannon.
The Future
I don't think Spaz will be fired within the next year like Bowden or Shannon. But I am 100% certain he will not be coaching BC in 2015 (the final year of this extension).
There are a couple of things you must remember in all of this.
1. We have a very competitive and often meddling Athletic Director. If you were unhappy with the losing streak, imagine how Gene felt. He will be loyal publicly and will temper expectations publicly, but that doesn't mean that he found this season's low acceptable.
2. Any buyout or payment to Spaz built into this contract would never keep BC from doing something. In fact, you could rationalize any buyout with an uptick in ticket sales. Just do some back of the envelope math. Let's say we struggle with attendance again and on the season fall short of a sellout by 5,000 tickets sold each week. Go conservative and factor in just a six game schedule. Then go conservative again and factor in a $20 in revenue per ticket unsold. Now using just those potential lost crowds and rounded numbers have unexciting, mediocre football costing BC $600,000+ in revenue per year.
As I said on twitter, I took this announcement as being a sign that Gene and Spaz are probably on the same page for now. I expect a staff small staff tweak this offseason.
Ultimately I think Spaz's future -- regardless of his contract -- will remain year to year. With his age and his boss you can't expect anything else