Here's the latest on what has turned out to be a two-year buyout for Steve Patterson from Texas:
Patterson was 22 months into a six-year guaranteed contract that paid him roughly $1.4 million per year (there were 2.5 percent raises built in), according to his contract obtained through an open records request by HornsDigest.com.
Under those terms, Patterson would have been owed at least $5.6 million.
But Texas offered Patterson a one-year buyout of roughly $1.4 million or face being fired for cause. Patterson hired Rusty Hardin as his attorney, and Texas and Patterson have settled on the following (pending approval by UT regents in a vote next Thursday):
* Patterson will get roughly $1.4 million over the next year.
* If Patterson doesn't have a job after Year 1 of the buyout ends, he'd be entitled to another $1.4 million for the second year.
If Patterson does have a job after Year 1 of the buyout and it pays him less than $1.4 million, Texas will make up the difference.
For example, if Patterson is making $700,000 in Year 2 of the buyout, Texas would pay him $700,000 to make up the difference. The buyout would end after two years.