Report: Details emerge of Jim McElwain's negotiated buyout between UF, CSU
For a few days, the massive $7.5 million buyout attached to a contract extension that new Florida head coach Jim McElwain previously signed with Colorado State back in August was stalling negotiations between the two schools.
With McElwain now officially heading to Florida, details have emerged about how the schools negotiated the buyout.
According to Terry Frei of the Denver Post, Florida was going to pay $5 million in cash right now with another $2 million to be paid later through a future scheduled game between the two universities. It was later reported that the $5 million from Florida would be divided between $3 million from the Gators and $2 million from McElwain himself.
So that means Florida will pay $5 mil in cash and about $1.2 million more than usual for a guarantee game. Pricey.
— Andy Staples (@Andy_Staples) December 4, 2014
@Andy_Staples True but five years from now when that game is played and SEC Network revs have skyrocketed more, I think it’ll be mitigated.
— OnlyGators.com (@onlygators) December 4, 2014
The Gators officially announced the hire via their Twitter account Thursday morning.
— GatorZone Football (@GatorZoneFB) December 4, 2014
Florida has announced McElwain’s will make an average of $3.5 million per year for six years to be the Gators’ head coach. His introductory press conference will be on Saturday.