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New Mexico to receive $625,000 buyout from Steve Alford

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New Mexico and Steve Alford came to an agreement between the buyout, and it is less than $1 million.

Steve Dykes-US PRESSWIRE

The New Mexico Lobos and Steve Alford have finally agreed (well almost, the paper work still needs to be signed) to the buyout for the former coach. Initially, New Mexico was seeking $1 million, while Alford was going to pay $200,000. The new number is $625,000 which is a combination of payments and also savings through deferred compensation owed to Alford.

Alford and/or UCLA will be paying New Mexico $300,000 and then the rest of the $350,000 comes from Alfords' final pay check that was not picked up which equaled $75,485.63, $100,000 in defered compenstaion and another $165,000 in incentive pay from winning the league title and other achivements.

The agreement is still not offiicial between the two schools, but this compromise is beneficial to both sides -- well unless you ask some UCLA fans. Alford/UCLA owe just $300,000 while New Mexico does not have to pay out the extra compensation. It is not the $1 million that the Lobos were seaking, but getting over half off of that for Alford leaving is a nice compromise.