Jimbo Fisher contract buyout takes a huge $7.3M/yr hit on athletics budget for next 8 years as Texas A&M struggles to clear dues

Texas A&M surprised many when it fired Jimbo Fisher on Sunday. In his sixth year as the Aggies coach, he had led them to a 45-25 record. However, after being 6-4 this season and not even making a bowl game last year, Texas A&M decided to fire Fisher.

Although the Aggies (6-4, 4-3 Southeastern Conference) haven't been good under him, there was some surprise due to the humongous buyout clause, standing at $77,562,500, in Fisher's contract. But athletic director Ross Bjork said it was a decision that had to be made.

“That’s the hard part in all of this,” Bjork said. “How many sitting head coaches won national championships? So, everyone had tons of optimism. But it just goes back to the last couple of years. Do we have momentum? Do we have hope? How do we see things trending? And we just didn’t see the trend lines improving...

“The assessment that I delivered was that we are not reaching our full potential. We are not in the championship conversation, and something was not quite right about our direction and the plan.”

After firing Jimbo Fisher, Texas A&M will have to pay the coach $19.2 million within 60 days and $7.2 annually through 2031.

The Athletic also saw Fisher's contract and revealed how the school would be paying for the buyout:

“[The] university shall pay twenty-five percent (25%) of such amount in a lump sum within (60) days of the effective date of termination of the Agreement, and the remaining balance shall be paid to Coach in equal annual payments beginning one hundred twenty (120) days after the effective date of the termination of this agreement and continuing through the original end date of this Agreement, December 31, 2031.”

That means the Aggies' athletic department will have to shell out $7.3 million for the next eight years.

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Texas A&M Athletics and the 12th Man Foundation to help pay Jimbo Fisher's buyout

After firing Jimbo Fisher, Ross Bjrok was asked who would pay the buyout, and he confirmed it would be from the athletic department.

“Texas A&M athletics and the 12th Man Foundation will be the sole sources of the necessary funds covering these transition costs,” Bjork said.

AThe 12th Man Foundation will also chip in along with the school's athletic department. The foundation is the primary fundraising arm for Texas A&M athletics and will use unrestricted funds to cover the initial $19.3 million payment to Jimbo Fisher.

Regardless, it is a lot of money, and whether or not it will impact Texas A&M athletics going forward is to be seen.