Jim McElwain has been hired to be Florida's next head football coach, Yahoo Sports confirmed Thursday morning, after Colorado State reached a buyout agreement with Gators officials.
McElwain agreed to a six-year deal with Florida that will pay him an average of $3.5 million per year, sources told Yahoo Sports.
Florida's negotiations with the Colorado State football coach had reached an impasse Wednesday night, sources told Yahoo.
The sticking point in the talks to make McElwain the Gators' next head football coach was the $7.5 million buyout clause in McElwain's current contract with CSU. But the Colorado State administration on Thursday negotiated a final buyout figure of $7 million, sources told Yahoo, which includes a CSU game at Florida.
McElwain had signed the contract with the $7.5 million buyout last summer.
McElwain met with the Colorado State team at 11:15 ET, a source told Yahoo, and then met with the staff.
Florida athletic director Jeremy Foley and a contingent of Florida administrators met with McElwain for several hours at his house on Tuesday night to hammer out the deal and appeared to be nearing an agreement before the impasse.
McElwain led the Rams to a 10-2 record this season and the team was a candidate for a major bowl bid from the "group of five" conferences until being upset by rival Air Force on a field goal on the final play Friday.
McElwain has Southeastern Conference experience. He is a former Nick Saban assistant coach at Alabama, working as offensive coordinator and receivers coach from 2008-11 when the Crimson Tide won two national titles.
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