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Contract details revealed for Mike Elko at Texas A&M

Elko will be paid handsomely, but on a much more school-friendly deal than Jimbo Fisher

Duke v Louisville Photo by Justin Casterline/Getty Images

Mike Elko was introduced as Texas A&M’s new head coach on Monday, replacing Jimbo Fisher after he was paid the highest contract buyout in the history of college football (just north of $76 million. So what will Elko’s contract look like? Take a look.

Essentially, Elko will be paid $7 million per season for the next six years, but have the potential to earn substantially more if the team does well. Those incentives include:

  • $1 million for making the College Football Playoff
  • $1.5 million for making the Playoff quarterfinals and/or winning the SEC
  • $2 million for making the Playoff semifinals
  • $2.5 million for making the Playoff title game
  • $3.5 for winning a national title

The assumption is that he’d receive the bonus tied to his highest level of achievement (he wouldn’t get all of these added on top of one another). Otherwise A&M would be shelling out $17.5 million if the Aggies won the national championship. In addition to major paydays, a year will be added to Elko’s contract if he achieves any of these incentives.

There are also smaller incentives listed, including:

  • $50,000 for a multi-pear APR score of 960 or above (this relates to graduation rates)
  • $50,000 if he is named SEC coach of the year
  • $100,000 if he is named a national coach of the year
  • $100,000 for making the SEC Championship Game

But what about the buyout? Elko would be due 75% of the remaining value of his contract if he is fired within the first three years, and 80% of the remaining value if fired in the final three years. The buyout in Elko’s deal also includes offset language (which means any money he makes from the next coaching job he takes is deducted from what A&M owes him). Fisher’s included no such language. In addition, this deal also includes a buyout that Elko must pay if he leaves A&M, beginning at $6.5 million and reducing in value over the life of the contract.

Ultimately, this is a MUCH more school-friendly deal than Jimbo Fisher’s extension that he signed two years ago. Compared to Fisher’s most recent contract, Elko’s is:

  • 74% of the annual salary
  • 60% of the length
  • 44.2% of the total value
  • 27% of the buyout if fired after two years

Elko’s money pool for the rest of his football staff will be $11 million. While this is down from about $13 million under Jimbo Fisher, it’s still above the average for SEC assistant pools.

Obviously if Elko wins at the level A&M hopes, he’ll be paid handsomely and nobody will care how much money he is making. But it’s good to know that if things do not go well, A&M won’t be in a boondoggle like faced as they parted ways with Jimbo Fisher. NOW LET’S GO SIGN SOME CROOTS AND WIN SOME GAMES!