Florida agrees to pay $7.5 million to ex-coach Jim McElwain
GAINESVILLE, Fla. (AP) — Florida will pay former coach Jim McElwain a $7.5 million buyout that will be spread across six payments between now and 2021.
McElwain will get the first installment, a $3.75 million “transition payment,” Friday.
McElwain’s original buyout would have been a little more than $12.5 million, an amount the team and coach negotiated after he failed to produce evidence of alleged death threats in late October.
McElwain will now get six total payments. After Friday’s installment, he will get $250,000 on Feb. 15, 2018, and $1 million each July 1 in 2018, 2019 and 2020. He will get a final payment of $500,000 on July 1, 2021.
Both sides also agreed not to disparage each other verbally or in writing.