CSU determined to “hold firm” on buyout

fort collins » As part of the settlement of JimMcElwain’s contract buyout, Colorado State will receive $5 million plus $2 million to play a game at Florida from 2017 to 2020. Florida officials said McElwain will pay $2 million of the buyout — technically termed “liquidated damages” — and that CSU will receive the other $3 million from Florida over six years.

Added together, the $7 million total is $500,000 less than the $7.5 million initial buyout inMcElwain’sCSUcontract, negotiated by then-athletic director Jack Graham, signed in June and announced in August.

But the contract called for “liquidated damages” to be “paid in full on a lump-sum basis within 30 days” ofMcElwain accepting another job, so the terms were part of the negotiations involving McElwain, Florida and CSU this week.

McElwain’sCSUdeal included provisions for annual rollovers that could be triggered by either side. It also had an “extenuating circumstances” clause ifMcElwain signaled his intention to terminate the contract “without cause,” which could lead to discussions about reducing the buyout. Yet the contract noted thatCSUhad “no obligation” to reduce the buyout “in whole or in part.”

CSU said the buyout is the largest in college football history, surpassing the $4.3 millionTexas paid to Louisville to getCharlie Strong this year. “It was important to hold firm to that buyout,” CSU interim athletic director John Morris said Thursday. “And it’s important ... that you have a coach whowants to be here. Sowe’re very pleased with how that turned out.”

CSU president Tony Frank said in a news release: “We wish (McElwain) well, and are confident we can recruit a coach who is committed to a sustained programof excellence at Colorado State over the long term.”