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Report: Florida's hiring of Jim McElwain is "done deal," pending buyout negotiations

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The Coloradoan says Florida and Colorado State are in the process of negotiating McElwain's buyout down, but that it's a "done deal" that the Gators will hire McElwain if that works out.

Ron Chenoy-USA TODAY Sports

Florida's hiring of Colorado State coach Jim McElwain is a "done deal," according to a source who tells The Coloradoan's Matt Stephens that the Gators and Rams are negotiating a smaller figure than McElwain's contracted $7.5 million buyout to get him out of his CSU contract.

A source told the Coloradoan Wednesday morning that Florida athletic director Jeremy Foley is "negotiating the buyout, but it's a done deal," adding that McElwain, the coach at CSU, will be heading to Florida, provided the buyout can be negotiated down.

The source, who spoke on the condition of anonymity, said Florida is trying to reduce the $7.5 million buyout in McElwain's contract to $3 million. There is a clause in the contract that states the Colorado State University president can, but is not obligated to, renegotiate the buyout for an extenuating case or event.

Stephens notes that the paper is "working to confirm" the $3 million figure, but also notes a tantalizing potential means of making up for the millions lost if McElwain leaves:

A reduced buyout could also include future games played between CSU and Florida with one being held in Fort Collins or Denver.

Florida playing in the state of Colorado? I'm booking a flight and hotel ASAP.