The process of transforming Colorado State’s Jim McElwain from a top candidate to the next head football coach of the Florida Gators was long and involved, likely longer and more involved than originally expected with plenty of twists and turns occurring throughout. OnlyGators.com is here to break a lot of it down.
Colorado State will tell you, which it did in what is likely the first-ever press release ever sent about a buyout, that while it ultimately compromised with Florida, the program still received 93.3 percent of the $7.5 million buyout attached to McElwain’s contract. And that will, years from now, be true. It is also true that the $7 million that will come the way of the Rams will eclipse the $4.3 million Texas paid Louisville to snag Charlie Strong.
What Colorado State chooses not to mention in its braggadocios press release – titled “Colorado State University receives largest-ever buyout as Jim McElwain goes to University of Florida” – is that it did indeed compromise, a lot more than the school wanted to initially.
In the end, the Gators actually worked out a pretty sweet deal (for a $7 million buyout), especially considering the original $7.5 million buyout was due as a lump sum 30 days after the contract was ended. Let’s take a look at how Florida and athletic director Jeremy Foley turned a lump-sum $7.5 million buyout into $4 million paid out over six years.