Florida Agrees To Largest-Ever Buyout Deal To Land Colorado State's Jim McElwain

The Univ. of Florida on Thursday hired Colorado State football coach Jim McElwain, and as part of CSU's contract with him, the school received a total buyout of $7M, including $5M in cash. The buyout is the largest in college football history, eclipsing the $4.3M Texas paid Louisville to hire away coach Charlie Strong earlier this year. In addition to the cash portion of the buyout, CSU will be paid $2M to play a football game at Florida, which has not yet been scheduled. The $7M total payment to CSU is 93% of the buyout value of the contract with McElwain (CSU). In Colorado, Kelly Lyell notes CSU will receive $3M "over a six-year period" from UF's athletic department, $2M "directly from McElwain over an unspecified period of time" and a $2M guarantee from Florida for the yet-to-be-scheduled game. McElwain "signed a six-year deal with Florida with a total compensation package" that averages $3.5M a year. His "base salary at CSU" was $1.5M (Ft. Collins COLORADOAN, 12/5). In Orlando, Edgar Thompson noted McElwain's original CSU contract "stated if he were to leave, the buyout would be due within 30 days." Meanwhile, UF "already owes" recently fired coach Will Muschamp and his staff more than $8M, with $6M due to Muschamp. He will receive $2M per year "for the life of the contract, which expires" after the '17 season (ORLANDOSENTINEL.com, 12/4). SI.com's Andy Staples noted McElwain "agreed to a 10-year contract extension this summer" at CSU that included a $7.5M buyout. It also "included language that suggested the buyout could be negotiated down if a 'dream job' came along." This was "an odd addition to the contract, because a university always has the option to reduce or waive a buyout owed to it" (SI.com, 12/4).

ABOUT THAT NEW FORT? CSU said that its haul in McElwain's departure "is around a fifth of the athletic department’s annual budget." CSU President Tony Frank said that the buyout money "will enable the school to hire a suitable replacement." He added that the McElwain buyout "has no bearing" on the school's proposed stadium project (WALL STREET JOURNAL, 12/5). In Denver, Terry Frei notes Frank is scheduled to meet with the CSU system BOG in Denver on Friday "to formally deliver his recommendation to move ahead with the on-campus stadium project." Frank on Thursday said, "The stadium is a long-term decision for the university that goes well beyond one individual. I will be making my same recommendation to the board tomorrow as scheduled." Frei notes CSU "now is operating with both" an interim AD and an interim head football coach in John Morris and Dave Baldwin, respectively (DENVER POST, 12/5).

BUILT RAM TOUGH: In Denver, Mark Kiszla writes the new CSU football stadium "will be the House that Mac Built" thanks to his buyout. Frank deserves "credit ... for being a tough negotiator" (DENVER POST, 12/5). YAHOO SPORTS' Pat Forde wrote Florida luring McElwain from CSU "was a classic power move, another manifestation of the Darwinian landscape in modern college sports," in which "the strongest take what they want, and those down the food chain are expected to meekly submit." But Frank "wasn’t ready to be steamrolled" and now has a $7M agreement "as a result of showing some bartering backbone." McElwain and his agent, CAA's Jimmy Sexton, "never believed CSU would hold firm when the big boys came calling." But Sexton "clearly miscalculated." His "renowned clout ran up against Tony Frank’s resolve, and the ensuing standoff was fascinating" (SPORTS.YAHOO.com, 12/4). The AP's Pat Graham wrote CSU was able to "put a positive spin on losing a coach who has turned around a downtrodden program" by touting the buyout as the largest ever (AP, 12/4).

FOLEY'S FOLLY? The ORLANDO SENTINEL's Thompson reports UF AD Jeremy Foley and his top administrators "were told by several people they could negotiate to reduce the buyout." But discussions "did not go so smoothly and it didn't help that they played out in the national spotlight" (ORLANDO SENTINEL, 12/5). In Jacksonville, Gene Frenette writes it would have "been a total embarrassment for Foley to lose" McElwain "over misunderstanding the buyout provision of his contract." Foley "must hit something close to a home run or his prevailing legacy with the Gators will be striking out on three of his four football coaches" (FLORIDA TIMES-UNION, 12/5).

HEAD HUSKER: In Portland, Mike Tokito wrote Oregon State football coach Mike Riley's departure for Nebraska on Thursday "had one major benefit for Oregon State: It got the Beavers out from under the long contract they had with him." Riley was "believed to be the lowest-paid coach in the Pac-12" with a salary of $1.5M, but he "had something no other coach could touch: a practically lifetime deal." Riley's contract as part of an extension signed in '10 "included a provision that an additional year would be added each time the Beavers made a bowl game." The contract "was extended all the way" to '21. What made Riley's original contract with OSU in '03 "unique was the provision Riley insisted be written into it." He asked that a $1M buyout "be required if he left OSU in the first five seasons." The buyout "dropped to $725,000 in the sixth year, and $500,000 -- the amount Nebraska will pay OSU for Riley leaving -- in subsequent years" (OREGONLIVE.com, 12/4).