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The University of Florida will pay Colorado State University $7 million to hire away its head football coach, Jim McElwain, Colorado State announced Thursday. It is the largest such buyout in college football history. The previous record was the $4.3 million buyout the University of Texas paid to the University of Louisville for its head coach earlier this year. Colorado State will receive $3 million in cash from Florida and $2 million from McElwain. As part of the agreement, the university will be paid another $2 million to play a football game at Florida. Colorado State's offensive coordinator will serve as an interim coach as the university searches for a full-time replacement.
