Updated at 5 p.m.
Jim McElwain has agreed to become the 24th head coach of the Florida Gators.
“It’s an honor to be a part of the one of most powerful brands in college athletics in the Florida Gators,” said McElwain in a statement released by the school hours after his hiring was announced. “I’m humbled, yet very excited about the tremendous opportunity that Dr. Machen and Jeremy Foley have afforded me and my family. I can’t tell you how eager I am to get to Gainesville to set a course for who we are going to be and what we will be all about.”
ESPN‘s Chris Low first reported early Thursday that buyout terms had been reached, while the Denver Post‘s Terry Frei later reported that the “negotiated buyout has CSU receiving $5 million cash and $2 million for a single game at Florida in the future.”
The Gators initially announced their hiring of McElwain via Twitter with a press conference scheduled for Saturday.
Florida then announced that the University Athletic Association will pay Colorado State $3 million over a six-year period, while McElwain will pay the school $2 million on his own. Additionally, CSU will play a game at UF between 2017-20 for $2 million.
The Gators and Rams were forced to mutually agree to the buyout in order to move the process along and allow McElwain to leave Colorado State for Florida. McElwain signed a six-year deal with the Gators that averages $3.5 million per season.
“Coach McElwain was someone we targeted from the beginning of the search. The more we worked through the process and did our due diligence, coupled with our meeting and conversations with him and those around him, it was obvious he is the right person to lead the Florida Gator football program,” athletic director Jeremy Foley said in a statement.
“He has a proven track record on the offensive side of the ball, has coached in the SEC, won two national championships and has had success as a head coach. He has recruited the South and the state of Florida and has spent time coaching at the highest level in the NFL.
“He has an engaging personality and is someone who can connect with a variety of audiences and he operates with a high level of integrity. I welcome him and his family to The Gator Nation and I’m looking forward to working alongside him and his staff as they build a championship program both on and off the field.”