David Wunderlich points out something this morning that had previously escaped my notice.
McElwain will also pay $2 million to make for a total buyout of $7 million.
… McElwain’s payment of $2 million is also the largest amount that a coach has ever paid to buy himself out of a contract.
Man, that’s somebody who wanted a job change badly.
And, um, Mike Bobo, you’d better be saving your money. Just sayin’.
Get The Picture 
Yep, that’s wanting to get out of a place. For Bobo’s sake, I hope it wasn’t because of the admin.
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Seger, dude.
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I think Bobo will be a solid HC but it seemed to me he is following a difficult act as CSU had their best talent edge in 2014. He will build it back up over time but the cupboard looks pretty bare and might explain why McElwain may have been so anxious. I hope they are patient and give him time to bring some recruits in, CO isn’t a loaded area to draw from.
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Also, McElwain was only there 3 years and a lot of the talent for 2014 was recruited by the former coach.
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Eager to get out? I don’t need my finance degree and MBA to know it makes sense to spend $2 one time to make $4 every year. I don’t recall his contract specifics so maybe he is making less.
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http://bleacherreport.com/articles/2287513-jim-mcelwain-to-florida-latest-contract-details-comments-and-reaction It appears that McElwain is getting $3.5 per year on average for a 6 year deal.
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Yeah that’s worth spending $2m on. He is probably paying it with a forgiveable loan from Florida
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Is Florida paying his buyout?
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See above.
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He may write the check out of his account, but the money, one would assume, is coming from Florida, who deposits money in his account every two weeks so he can pay his bills.
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Am sure UF is paying, it’s all detailed in the small print obscure boilerplate under responsibility for liabilities under previous contracts revoked as a prerequisite to accepting UF employment.
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That means nothing. Not exactly rocket science in terms of finance. That 2 mil is all in one year’s raise with his new job. So essentially he gets a HC job in the SEC for one year at the same salary he just had at 1.5… and then 5 more with at 3.5 per. He’d be an idiot not to have paid 4 out of pocket if thats what it took to get to UF.
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Agreed, Bobo ain’t as dumb as some think…or thought. 🙂
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The dude left CSU for UF. He’d be an idiot not to pay the $2M to take that opportunity. Makes no sense to see if he could stay and sustain success with his QB off to the NFL.
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Once he signed the 6 year deal with FU for $21 Mil he was home free no matter what as long as he doesn’t violate a morals clause of some kind in his contract.
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Hey even the Gayturd folks down here think Foley lost his mind. Figuring in buy outs they paid the highest price in SEC history to fire/hire a coach. If this hire fails Foley will be gone.
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I know its a dream that is all wet, but if that happens – can we return McGarity?
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Careful, he may be fully trained by then.
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What Jeremy thinks if this hire doesn’t work out…again…
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Y’all do know that CSU is in Ft. Collins, not Denver, right?
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To paraphrase Donald Rumsfeld, you write the blog header with the song title you have, not the one you might want. 😉
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