UF releases McElwain buyout ($7.5M), Mullen’s contract breakdown

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Jim McElwain’s negotiated buyout with the University Athletic Association is for $7.5 million, the school announced Tuesday.

McElwain’s buyout was negotiated down from $12.9 million when he and Florida agreed to part ways a month ago.

McElwain will receive six payments from UF over the next four years. The first payment of $3.75 million is due Friday.

The other payments to McElwain are as follows:

Feb. 15, 2018 — $250,000.

July 1, 2018 — $1 million.

July 1, 2019 — $1 million.

July 1, 2020 — $1 million.

July 1, 2021 — $500,000.

Both sides also agreed not to disparage each other verbally or in writing.

Florida also owes buyout money to former coach Will Muschamp, who was fired during the 2014 season. Muschamp is due one more payment of $787,500 next year.

UF also released more financial details of new head coach Dan Mullen’s contract.

His salary over six years is for $36,618,000, giving him an annual salary of $6,103,000, making him the second-highest paid coach in the SEC behind Alabama’s Nick Saban and fifth in the nation.

Mullen also has been allotted $5 million for hiring assistant coaches.

The school also released Mullen’s performance bonuses that total $925,000. He would receive $400,000 if the Gators win the College Football Playoff and $300,000 for making the four-team playoff. Mullen would make $100,000 for winning the SEC East and $200,000 for winning the SEC title. The bonus for reaching a big six bowl game is $200,000.

If he is named SEC coach of the year, he receives $50,000, and $75,000 for being named national coach of the year.

His bonus for the Gators finishing in the final Top 10 is $100,000.

32 COMMENTS

  1. Still can’t believe athletes don’t get some form of extra compensation. Football, and you can argue basketball, are the beating heartbeats of the campus. Throw them a freakin’ bone. Coaches and Administrators get paid millions…athletes receive free “education” and lousy dorm food. It’s the 21st century…pay them something…even if it’s miniscule relative to head coach’s compensation.

    • Sure, let’s pay them, and then have them pay for their own college education, books, fee’s, food, housing and everything else all the other students have to do. If they squander their pay and can’t pay for school then help them get loans so they can be in debt for years afterward also.

      They pretty much get anything they want, within reason, and have literally zero costs for the entire time they are in the program, including access to great medical, vision and dental plans. So other than “splurge”, impulse and peer pressure buys, what else do they actually need? It’s not like the smart ones won’t take advantage of their time at UF, even if they don’t go pro, to make connections and get a degree in a field they can be successful at.

  2. The players get a scholarship to one of the finest University in the country, books, they eat on a Buffet daily, some get help with housing. Send your son or daughter to the University of Florida and you will see what the players get.

  3. And yet, “I want to see the market self correct large buyouts of coaches” says Scott Stricklin…to the tune of 12 million flat buyout of Mullen when we have to send him packing in 4-5 years. Wonderful.

  4. Lots of popcorn with that buyout. Good luck to Coach Mac & his family with those millions. It’s amazing the money coaches are making today. Hope Coach Mullen makes it thru his 6yr contract & gets an extension. Go Gators!

  5. The buy out for a coach should have same monetary value as a penalty for a coach leaving early. I think it would help to lower overall value if it was handled like that, but until all institutions implement the same type of philosophy you will have have to continue to implement them while hiring a coach. Question was it Foley or Stricklin who awarded Mac’s extension?

  6. it seems funny that mullen got 5 million for assistants, mac really, I don’t think he had anything near that. so maybe that’s why mac made the comment about administration support after he got a raise.
    we can see already upgrades of several areas in terms of status of coaches, wide receiver and offensive line.