Florida hires Colorado State's McElwain

[Acebb]

GAINESVILLE, Fla. (AP) — After working though a buyout issue, Jim McElwain is leaving Colorado State to become Florida's next head coach.
The Gators are expected to announce the hiring later Thursday.
McElwain officially accepted the job Thursday morning after working out a deal to reduce a $7.5 million buyout that had been the sticking point, a person familiar with the search said. The person to The Associated Press on the condition of anonymity because the Gators have not announced details of their coaching search.
The person said Florida traveled to Colorado with the belief that the buyout could be whittled down. But Colorado State President Tony Frank stood firm on $7.5 million, and the financial roadblock prompted Florida athletic director to leave Colorado without an agreement.
McElwain, his attorney and Colorado State worked out a settlement Wednesday night and Thursday morning.

http://collegefootball.ap.org/article/ap-source-florida-hires-colorado-states-mcelwain

 

[BigdaddyQH]

A good hire. McElwain will not be expected to turn Florida into a NC contender in year one, or even year two, but has the ability to do so. Step one. Prepare for a tough 4 week run next season with games against Tennessee and Ole Miss at home, followed by games at Mizzou and LSU.

 

[Acebb]

The coach, who will be introduced at a news conference on Saturday, will be paid an average of $3.5 million per season over the six-year contract, according to sources.

 

[sendacash]

Good for Mac, he sure parlayed a decent season in Ft. Collins into a major score. I don't think he even recruited Grayson to CSU, but he sure made him better and getting Dee Hart to transfer from Bama sure helped as well. One would imagine this will be somewhat deflating for the CSU players, maybe fade them in their Bowl game?

 

[DesertNole]

Between this buyout and the money still owed to Muschamp, you are talking a really big sunk cost. This guy had better get the job done.

 

[sendacash]

Smart move by CSU creating this huge buyout, looks like they will eventually get most of the 7 mill as well which is huge for them, almost 1/3 of their yearly athletic budget I think. I guess they can scrap the plans to build a new on-campus stadium though. This is probably good news for the Buffs as well

To settle the dispute over McElwain's $7.5 million buyout, Florida agreed to pay $3 million over six years to Colorado State and also agreed to a future game -- with a $2 million guarantee -- in Gainesville sometime between the 2017 and 2020 seasons, sources told ESPN's Brett McMurphy.
In addition, McElwain has agreed to pay $2 million to Colorado State over time, sources told McMurphy.

 

[BigdaddyQH]

Florida sure got a better head coach than Nebraska did. Money means nothing to there teams.

 

[CoachCB]

Between this buyout and the money still owed to Muschamp, you are talking a really big sunk cost. This guy had better get the job done.

I'm happy w/ the hire, but agree that the buyout is ridiculous.

Foley's arrogance cost UF some serious money. It's the largest buyout in the history of CFB.

First off, he hired Muschamp - an unproven coordinator to be the head coach of a top 5 program (after the Zook fiasco, you'd think he'd know better hiring an unproven head coach).

Second, he gave Muschamp a fat raise and extension following the fluke 11-2 season in which UF's offense was ranked in the 100's.

Finally, he kept him after 4-8, losing at home to a 1AA team, the offense being ranked in the 110's, and recruiting going south (losing Cook & Lane to FSU, for example).

This was totally on Foley.

Good for CSU for sticking to their guns to w/ the buyout.

After they get back on the football field the buyout will be all but forgotten....unless, of course, he's a dud. But I think he'll have success as he brings head coaching experience and an offense mindset.

 

[tmader7]

Smart move by CSU creating this huge buyout, looks like they will eventually get most of the 7 mill as well which is huge for them, almost 1/3 of their yearly athletic budget I think. I guess they can scrap the plans to build a new on-campus stadium though. This is probably good news for the Buffs as well

To settle the dispute over McElwain's $7.5 million buyout, Florida agreed to pay $3 million over six years to Colorado State and also agreed to a future game -- with a $2 million guarantee -- in Gainesville sometime between the 2017 and 2020 seasons, sources told ESPN's Brett McMurphy.
In addition, McElwain has agreed to pay $2 million to Colorado State over time, sources told McMurphy.

I saw those terms on the buyout go across the ESPN ticker around 4 or maybe 5 hours ago, and went "WHAT?" Damn, I never paid big money for a job, other than the first year's tuition at Vanderbilt. Man must have really wanted the job to give up 2 million.

~T~

 

[CoachCB]

Another issue w/ Foley (and his arrogance) waiting a year too late to fire Muschamp, it cost UF a shot at Charlie Strong (who was an assistant in Gainesville for 15 years under Spurrier, Zook, and Meyer). Also could have had a shot at Franklin.

I saw those terms on the buyout go across the ESPN ticker around 4 or maybe 5 hours ago, and went "WHAT?" Damn, I never paid big money for a job, other than the first year's tuition at Vanderbilt. Man must have really wanted the job to give up 2 million.

~T~

Well, quite frankly UF overpaid. They gave him $3.5 million, which was a $2 million/year raise from CSU (Muschamp was making $2.7 million). UF probably paid him an extra $250K-$500K to help offset that buyout (which will be paid over several years).

 

[ToothedTeddy]

I saw those terms on the buyout go across the ESPN ticker around 4 or maybe 5 hours ago, and went "WHAT?" Damn, I never paid big money for a job, other than the first year's tuition at Vanderbilt. Man must have really wanted the job to give up 2 million.

~T~

he's not giving up 2 mil - I guarentee you it was worked into his contract. Florida is paying it either way, just an accounting trick.

 

[CoachCB]

he's not giving up 2 mil - I guarentee you it was worked into his contract. Florida is paying it either way, just an accounting trick.

See post #10.

 

[tmader7]

Another issue w/ Foley (and his arrogance) waiting a year too late to fire Muschamp, it cost UF a shot at Charlie Strong (who was an assistant in Gainesville for 15 years under Spurrier, Zook, and Meyer). Also could have had a shot at Franklin.



Well, quite frankly UF overpaid. They gave him $3.5 million, which was a $2 million/year raise from CSU (Muschamp was making $2.7 million). UF probably paid him an extra $250K-$500K to help offset that buyout (which will be paid over several years).

Yeah Coach, I realize that, but on paper, or rather in the news, looks bad. I didn't know what they were paying Muschamp, but I assumed his (McElwain) salary was padded to cover the cost. Wonder how that's gonna work out come tax time, LOL.

~T~

 

[CoachCB]

Yeah Coach, I realize that, but on paper, or rather in the news, looks bad. I didn't know what they were paying Muschamp, but I assumed his (McElwain) salary was padded to cover the cost. Wonder how that's gonna work out come tax time, LOL.

~T~

I imagine the payout is tax deductable. He's not pocketing the money, so not sure if he'd get taxed on it. It would be "income" for CSU, who would have to pay some sort of tax on it.

 

[sendacash]

I heard an interview with the former CSU athletic director who hired Mac and setup that big buyout who claims that the CSU president screwed this up letting Mac out of the deal. Of course he seemed a little bitter after being fired, but indicated his plan was to build a winner in Ft. Collins, then get a new stadium and then join the Big 12. I think this would have worked like he said, but probably not now.

 

[CoachCB]

I heard an interview with the former CSU athletic director who hired Mac and setup that big buyout who claims that the CSU president screwed this up letting Mac out of the deal. Of course he seemed a little bitter after being fired, but indicated his plan was to build a winner in Ft. Collins, then get a new stadium and then join the Big 12. I think this would have worked like he said, but probably not now.

They should hire Pelini.

 

[sendacash]

My guess is they go with one of the assistants, much like Utah St. did. At least wait untuil the dust settles and then maybe make another call to Saban's staff?

 

[beefdiesel]

I told my co worker he is the best unknown big time coach out there before he was hired, great hire Gators are going to be contenders in 2 years with him there

 

[tmader7]

They should hire Pelini.

Nah, I'd like a season without seeing that crybaby on the sidelines.

~T~

 

[toto]

Pelini is probably headed back to being a coordinator somewhere. Col. St. With 7 mill has 3 or so yrs. covered for their next coach.