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Florida in final stages of negotiating Jim McElwain's buyout

Colorado State and Florida are working on the buyout for Jim McElwain, but it is a "done deal."

Ron Chenoy-USA TODAY Sports

The Florida Gators are in the final stages of landing Colorado State head coach Jim McElwain as the two sides are working on the buyout. McElwain's buyout is $7.5 million but that could be changed, or not, but it is up to the Rams on the amount.

The Colorodoan's Matt Stephens is reporting that Florida 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.

Also in that report, Florida athletic director Jeremy Foley is attempting to reduce the buyout to $3 million. Colorado State can adjust the buyout but there is a reason the school put in a hefty buyout, and the hope at the time is to keep the coach in town and make poaching Power Five conference schools take a second look at hiring McElwain.

That amount is still in question for the reduced buyout, but there is also a possibility of a game being played either at Fort Collins or Denver between the two schools. Getting Florida to go out of its comfort zone for a non-conference game would be a big deal, yet also is netting $7.5 million for the entire athletic program.

Regardless of what the buyout will be, Colorado State will need to be looking for a new head coach, and as early as Wednesday evening.