Florida is paying coach Jim McElwain $7.5 million to leave the Gators, according to a document released by the school Tuesday.
McElwain will receive a payment of $3.75 million on Dec. 1 and five payments over the next four years.
When UF ousted McElwain Oct. 29, he was due a buyout of $12.9 million. But the school negotiated an agreement presumably because McElwain failed to provide evidence to support his Oct. 23 claim he, his family, staff and players had received death threats from the UF fan base.
McElwain still owes Colorado State, his former school, $1.5 million. As part of UF's deal with the school to meet his $7.5 million buyout, McElwain agreed to pay $2 million over a period of time.
Florida announced the exit deal on the same day it released new coach Dan Mullen's agreement. The former Mississippi State coach will be paid $6.1 million a year and will receive a buyout of $12 million if the school were to terminate him. Mullen would have to pay UF $2 million to get out of the contract.
Mullen annually will receive a base salary of $3 million, $1.75 million for media and PR responsibilities, $1.05 million from the school's equipment deal, including $350,000 from Nike. Mullen also will receive a $200,000 expense account and have access to $70,000 of travel on the athletic department's private plane.
Finally, UF will contribute $33,000 annually into a pension.
Mullen also will have a $5 million pool to pay his assistant coaches, a more than $500,000 million bump.
Mullen will have the chance to earn much more based on the Gators' performance on and off the field.
Mullen will receive $100,000 if UF meets academic standards, reaches the SEC title game or a bowl game or finishes the season ranked in the Top 10.
Mullen would receive $200,000 if the Gators win the SEC title or reach a Big 6 bowl, $250,000 if UF reached the College Football Playoff semifinals, $300,000 to reach the national title game and $400,000 to win it.
Mullen will receive $50,000 if he is named SEC Coach of the Year and $75,000 if he is National Coach of the Year.
