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.