Texas A&M University fired head football coach Jimbo Fisher on Sunday after he failed to meet the school’s expectations on the field. While a coaching search brings plenty of excitement for Aggies fans, it’ll come at an unprecedented price for the university.
In order to lure away Fisher from Florida State in 2018, the Aggies signed him to a 10-year contract worth more than $75 million guaranteed. It was one of the largest contracts in NCAA history, but Texas A&M felt confident that Fisher would turn the program into a perennial title contender.
Related: Highest college football coaches buyouts
Instead, the Aggies’ football program went 45-25 in six seasons, posting a worse winning percentage with Fisher (.643) than they did with coach Kevin Sumlin (.662). Even after beating Mississippi State 51-10 on Saturday, Texas A&M had made up its mind that Fisher wouldn’t be the coach moving forward and fired him on Nov. 12.
Chris Vannini of The Athletic reported that the Texas A&M coaching change might cost the school more than $100 million by the time the process is complete.
The Aggies’ athletic department has to find a new coaching staff, beginning with an exhaustive search for a head coach that will take time and financial resources. Once the athletic department and boosters know which head coach they want, then they have to engage in a bidding war with the head coach’s current program to try and land him.
According to Front Office Sports, the Aggies will owe Fisher $19.4 million within the first 60 days of his termination on Sunday. Furthermore, another $7.27 million will be owed within 120 days of his firing and he’ll be due another $7.27 million payment beginning in 2025 and carrying through the 2031 season.. Here are the full terms of the buyout.
Jimbo Fisher buyout structure details
- First 60 Days after Firing – $19.4 million
- First 120 Days after Firing: $7.27 million
- 2025: $7.27 million
- 2026: $7.27 million
- 2027: $7.27 million
- 2028: $7.27 million
- 2029: $7.27 million
- 2030: $7.27 million
- 2031: $7.27 million
Related: Highest-paid college basketball coaches
Let’s put that $7.27 million annual payout from 2024-’31 into context. Mike Norvell, who is currently leading the Florida State Seminoles into the College Football Playoff picture, is making $7.3 million this season while Oregon Ducks coach Dan Lanning is earning $6.624 million.
From 2025-’31, the Aggies will be paying Fisher a deferred salary that would place him tied with Florida Gators coach Billy Napier for 17th among the highest coaches’ salaries in college football this year. That figure doesn’t even include the costs of Fisher’s assistants who were fired nor the staff that will replace them next season.
Related: Texas A&M coaching candidates to replace Jimbo Fisher
Texas A&M’s donors are covering the initial $19.4 million payout, but the school will be on the hook for a significant portion of the remaining balance. Fortunately, Texas A&M already approved a $7.2 billion budget for the 2023-’24 fiscal year that will help cover the costs moving forward.