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The largest buyout in college football history
FORT COLLINS — Florida and Colorado State finally struck an agreement Thursday morning on the terms of Jim McElwain's buyout, and the Gators shortly thereafter confirmed his hiring as their new coach.
As part of the agreement, CSU will receive $5 million and $2 million to play a game at Florida between 2017-20. Florida officials said McElwain will pay $2 million of the buyout — technically termed "liquidated damages" — and that CSU will receive the other $3 million from Florida over six years.
If all added together, the $7 million total is $500,000 less than the $7.5 million initial buyout in McElwain's latest contract, signed last June and announced in August. McElwain's contract called for "liquidated damages" to be "paid in fill on a lump-sum basis within 30 days" of McElwain accepting another job, so the terms were part of the negotiations.
The deal is the largest such buyout in college football history, according to CSU, surpassing the $4.3 million Texas paid to Louisville to get Charlie Strong earlier this year.
the rest at: http://www.denverpost.com/colleges/ci_27066388/jim-mcelwain-verge-being-named-florida-head-coach
As part of the agreement, CSU will receive $5 million and $2 million to play a game at Florida between 2017-20. Florida officials said McElwain will pay $2 million of the buyout — technically termed "liquidated damages" — and that CSU will receive the other $3 million from Florida over six years.
If all added together, the $7 million total is $500,000 less than the $7.5 million initial buyout in McElwain's latest contract, signed last June and announced in August. McElwain's contract called for "liquidated damages" to be "paid in fill on a lump-sum basis within 30 days" of McElwain accepting another job, so the terms were part of the negotiations.
The deal is the largest such buyout in college football history, according to CSU, surpassing the $4.3 million Texas paid to Louisville to get Charlie Strong earlier this year.
the rest at: http://www.denverpost.com/colleges/ci_27066388/jim-mcelwain-verge-being-named-florida-head-coach
CSU needs the money to build a new stadium. But this is ridiculous,
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