Jim McElwain is out as Florida’s football coach, fired in the midst of his third season with the Gators.
But Florida and the coach are still on the hook for annual payments to CSU under terms of the $7 million buyout for breaking his contract with the Rams following the 2014 season.
Payments were spread out of over six years, with the University of Florida’s Athletic Association paying Colorado State University $3 million in annual installments of $500,000 from 2015 to 2020 and McElwain paying another $2 million in annual installments of $333,333 over the same six years.
Florida also agreed to play a football game next season against CSU in Gainesville, Florida, worth a guaranteed $2 million to the Rams.
Read more at the Coloradoan: http://noconow.co/2hrvfDw