After receiving an email, I felt it was necessary to clarify the below column in two ways. First, I am not insinuating that a verbal agreement negates the terms of a signed contract. Rather, I am stating that it makes good business sense to negotiate in good faith regardless of the signed contract. Secondly, though fewer words were written about one of the two sides in this fiasco, it is important to understand that I hold each side at fault for the way things transpired on Wednesday.
Jim McElwain and the $7.5 million buyout
Wednesday was a day of posturing in Florida’s pursuit of Colorado State head coach Jim McElwain. And most of it, or at least a good portion, was because of how Tuesday’s events unfolded for both parties.
According to reports by The Gainesville Sun and ESPN, Gators athletic director Jeremy Foley only decided to fly to Fort Collins, Colorado, on Tuesday after CSU officials told UF that McElwain’s buyout was indeed negotiable.
Foley, who is already spending $6.3 million to buy out Will Muschamp and may have to pay up to $8 million total to pay off assistants that McElwain decides not to retain (if he’s hired), saw McElwain’s $7.5 million buyout as a roadblock but one that he was willing to navigate through in order to secure his target.