Matt L. Stephens

matthewstephens@coloradoan.com

The University of Florida is in the final stages of securing Jim McElwain as its next football coach.

A source told the Coloradoan Wednesday morning that Florida athletic director Jeremy Foley 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.

The source, who spoke on the condition of anonymity, said Florida is trying to reduce the $7.5 million buyout in McElwain's contract to $3 million. There is a clause in the contract that states the Colorado State University president can, but is not obligated to, renegotiate the buyout for an extenuating case or event.

The Coloradoan is working to confirm the amount the two universities are negotiating toward.

A reduced buyout could also include future games played between CSU and Florida with one being held in Fort Collins or Denver.

Former CSU athletic director Jack Graham the Coloradoan Tuesday that during McElwain's initial contract negotiations, university President Tony Frank agreed to open the door to renegotiating the buyout if a "dream job" popped up.

Graham, who has since been fired by Frank, disagreed with the decision since it eliminated the purpose of the buyout, which was designed to keep schools from hiring McElwain away.

CSU spokesman Mike Hooker told the Coloradoan that Frank is not available and does not comment on "ongoing personnel or contractual matters on on searches being conducted by other institutions."

Return to Coloradoan.com for more updates.

Follow sports columnist Matt L. Stephens at twitter.com/mattstephens and facebook.com/stephensreporting.