Jimbo Fisher’s $77.6M Buyout Causes Mike Elko’s Underpaid $7M Annual Base Salary at Texas A&M

Jimbo Fisher’s coaching tenure at Texas A&M has come to an end amid a lot of fanfare and controversy. The sudden firing led the program to commit itself to an astronomical buyout, amounting to $77.6 million, giving rise to a staggering financial gamble. Now that Texas A&M has recruited Mike Elko as the new HC, the program is at a crossroads.

Both the buyout and hiring took place very close to each other. As a result of this, Elko’s contract and remuneration have been significantly impacted. Read ahead to find out how Jimbo Fisher’s firing became Teaxas A&M’s most costly mistake.

Fisher’s departure leaves A&M in flux

Texas announced the dismissal of Fisher on November 26, 2023. Committing to an expensive buyout to Fisher’s contract of $77.6 million, it became the most substantial sum ever owed to any football coach in history. Despite a convincing victory over Mississippi State, just a day before the announcement, it was Athletic Director, Ross Bjork who emphasized the need for a change in leadership. 

However, under Fisher’s tutelage, the Aggies have witnessed the best of times in the 2020 season. Unfortunately, Texas went 45-25 during Fisher’s six-year tenure but with an overall 19-15 record and a lackluster 6-4 performance, the program started to struggle. As the college took charge of bringing things under their control, it followed financial repercussions. 

The payout schedule was extended in two phases, the first owing a substantial sum of $19.3 million within 60 days of contract termination. The second phase totaled $7.2 million within 120 days which comprised a series of eight annual payments from 2025 through 2031. As a result of these monetary ripples, Elko has been ranked in the middle tier of SEC coaches.  

Rough financial landscape for Elko

Elko previously had ties with Texas A&M when he worked as the team’s defensive coordinator and safeties coach between 2018 and 2021. His previous tenure with the program had been a successful one with an overall record of 34-14. His current contract includes an annual base salary of $7 million that comprises post-season incentives and potential bonuses based on the team’s performance.

Read More: “He’s a Washed Up Quarterback”: Fans Rip Up Russell Wilson as Shannon Sharpe & Stephen A. Smith Quarrel Over $1.2M Steal

With Fisher’s massive buyout, the pending approval by the Texas A&M Board of Regents added another layer to the existing financial puzzle. Not having the ability to afford an exhaustive contract for Elko, his incentives are also not cumulative since he would only earn $3.5 million as a bonus, only if Texas wins the championship.

Do you think Elko will be able to revive Texas’ football program? Let us know in the comments.        

Also Read: Deion Sanders Crushed by Karl Dorrell’s Son. Possible Landing Spots Explored