Florida has hired Colorado State University's Jim McElwain as its next football coach.
McElwain officially accepted the job Wednesday after working out deal to reduce a $7.5 million buyout.
One of the school's Twitter accounts announced the hiring:
— GatorZone Football (@GatorZoneFB) December 4, 2014
ESPN first reported the hiring:
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.
McElwain, 52, was in his third season at Colorado State. The Rams (10-2) have won 16 of their last 20 games dating to last season. That's after losing 27 of 36 games in the three seasons prior to McElwain's arrival in 2012.
Florida athletic director Jeremy Foley and three of his top assistants spent hours at McElwain's home in Fort Collins, Colorado, on Tuesday and Wednesday. They left after negotiations failed to resolve the buyout. Florida had been told the buyout would not be a problem.
CSU offensive coordinator Dave Baldwin will serve as interim head coach, including at the team's upcoming bowl game.
CSU's president is currently pushing for a new stadium for the football team.