LSU athletics expects to lose $80 million because of COVID-19

play
No nickname befitting of 'weird' LSU-Auburn rivalry (1:49)

SEC Network's Ryan McGee explains why the battle of the Tigers has a riveting history that's just plain strange. (1:49)

LSU's athletic department says it expects to lose $80 million in revenue due to the impact of COVID-19 and is laying off employees and reducing salaries of others.

Football coach Ed Orgeron, men's basketball coach Will Wade and athletic director Scott Woodward are some of the employees under contract who have agreed to reduce their salaries by 5% next year.

Orgeron will see his $6 million salary reduced by $300,000.

"I think 5% is very generous. Some schools are going 10% or higher," Orgeron said Thursday night during a regularly scheduled teleconference. "I was very glad to do it."

Athletic department staff who earn over $80,000 will have their salaries reduced by 5% in 2021. Additionally, bonuses for coaches and staff won't be given for one year.

LSU said in its statement the moves are being made to "streamline productivity, eliminate redundancies and create efficiencies throughout the department."