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Michigan head coach Brady Hoke runs off the field after Michigan lost to Ohio State, 42-28, at Ohio Stadium on Saturday, November 29, 2014.

(Melanie Maxwell | The Ann Arbor News)

ANN ARBOR -- Brady Hoke's contract with the University of Michigan -- the same one reportedly terminated Tuesday -- calls for the former Wolverines football coach to receive a $3 million buyout.

Hoke reportedly was fired by Michigan following a 5-7 season and a 31-20 mark over the last for years. He went 18-14 in the Big Ten; 6-10 over the last two years.

Michigan has scheduled a news conference to discuss Hoke's status for 4:30 p.m. Tuesday.

The university would pay Hoke in monthly installments of $125,000 for the next 24 months, according to Hoke's contract, signed on March 28, 2011.

Those monthly checks will be added to a healthy four-year lump sum. Hoke's career earnings at Michigan currently stand at $11.4 million, including his $2.3 million salary for the 2014 season.

That $11.4 million, plus Hoke's $3 million buyout, will bring his career earnings for four years of work at the university to $14.4 million.

That's not all it cost U-M, though. In 2011, Michigan paid San Diego State $1 million to satisfy the buyout terms of Hoke's previous contract. He signed a five-year contract at SDSU worth $3.52 million in December 2008.

As for his staff, Hoke's original contract called for him to be provided with a salary fund of $2,760,000 for his nine assistant coaches and head strength and conditioning coach.

After earning $750,000 annually in his first two seasons, defensive coordinator Greg Mattison signed the three-year extension in March 2013 that pays him $835,000 in 2014, $875,000 in 2015 and $915,000 in 2016.

Offensive coordinator Doug Nussmeier signed a three-year contract in February 2014 that paid $830,000 for this season and was worth at least $2.57 million over the duration of the deal. A buyout for firing Nussmeier before the completion of his deal is the equivalent of that year's salary.

A breakdown of Hoke's $11.4 million in pre-buyout earnings is as follows:

Now Michigan is charged with finding a new coach, one that could very well earn far more than Hoke. Last off-season saw Texas hand Charlie Strong a five-year contract starting at $5 million annually. Penn State inked new coach James Franklin to a six-year deal worth as much as $4.5 million annually.

Hoke's predecessor at Michigan, Rich Rodriguez, was fired in January 2011 after earning $2.5 million annually at Michigan and received a buyout of an additional $2.5 million. That contract came after U-M paid West Virginia $4 million to release Rodriguez from his contract there, bringing the damage of his three-year tenure in Ann Arbor to roughly $14 million.

Brendan F. Quinn covers University of Michigan basketball and football. Follow him on Twitter for the latest on Wolverines hoops. He can be contacted at bquinn@mlive.com