Alex Byington | Montgomery Advertiser

TUSCALOOSA — Former Alabama men’s basketball coach Avery Johnson and the university settled on a $5.5 million buyout to mutually part ways, according to the separation agreement obtained by the Montgomery Advertiser and USA Today.

Johnson is set to receive a single lump payment of $5.5 million within 10 calendar days of the execution of the agreement, which was signed by both parties last Saturday, March 23. The university formerly announced Johnson's mutual exit Sunday morning.

“After meeting with Coach Johnson, we made the decision to mutually part ways,” Alabama athletic director Greg Byrne said in a statement Sunday. “This was not an easy decision, and we thank him for his contributions over the past four seasons. We wish Coach Johnson and his family the very best.”

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Three days later, Alabama announced the hiring of former Buffalo head coach Nate Oats as the Crimson Tide's next basketball coach Wednesday, and formerly introduced the 44-year-old during a news conference Thursday. Oats reportedly agreed to a five-year contract with an annual salary of $2.462 million, according to the memorandum of understanding obtained by the Buffalo News on Friday. As part of the MOU, the university will also pay a buyout of no more than $750,000 should that be required from the multiyear contract extension Oats agreed to two weeks ago.

Johnson earned $3.06 million in 2018-19 and was college basketball’s 19th-highest paid head coach, according to USA Today’s annual coaching salary database.

Under terms of his contract extension signed in 2017, Johnson was due a buyout of $8 million if he was fired without cause prior to April 15, with that fee to be paid out over monthly installments through the end of his contract, which was April 15, 2023. But those monthly payments could've been offset by any income Johnson received during the remaining term of the contract from employment “in the field of amateur, collegiate or professional sports in a coaching, administrative, management or broadcasting position.” The terms of the settle agreement supersede all terms in his coaching contract, and by executing the agreement, both Johnson and the university “waive any payment, compensation, benefits and any other rights” as stipulated in his contract.

The agreement also ends his complimentary membership to the NorthRiver Yacht Club after April 30, and requires Johnson to pay any outstanding bill(s) with the club.

The settlement agreement also expressly does away with that mitigation provision: “This release by the University shall encompass, to the full extent permitted by law, any claim for relief that the University could assert against Johnson arising from Johnson's employment contract, including any obligations Johnson had or any rights the University possessed under Section 5.01 (h) of Johnson's employment contract.”

USA Today's Steve Berkowitz contributed to this article.

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A look at Avery Johnson career as head coach of the Alabama Crimson Tide.