The settlement is roughly half of what Patterson was owed on the remainder of a six-year guaranteed contract, the sources said.
According to a copy of Patterson's contract obtained by HD through an open records request, Patterson was 22 months into a six-year guaranteed deal that began on November 25, 2013, with an end date of Aug. 31, 2019. The deal paid Patterson roughly $1.4 million per year (with 2.5 percent raises built in), meaning Patterson was owed at least $5.6 million on the remainder of the contract.
But in severing ties to Patterson, UT officials offered their former athletic director a settlement of $1.4 million or face possibly being fired for cause.
Patterson hired Houston attorney Rusty Hardin, who has recently represented NFL running back Adrian Peterson and former MLB pitcher and former Longhorn Roger Clemens in high-profile cases.
The two sides ultimately agreed upon a contract settlement that ensures Patterson will receive $2.8 million over the next two years, sources told HornsDigest.
Patterson would receive $1.4 million paid out in 12 monthly installments over the next year, the sources said.
If Patterson doesn't have other employment a year from now, he'd be entitled to another $1.4 million, the sources said. If Patterson does have other employment 12 months from now, Texas would supplement any difference in Patterson's salary to ensure a $1.4 million total for the second year, sources said.
HornsDigest was the first to report on Patterson's issues at Texas in June and followed up with more details about why Patterson was being forced out one day before he was fired.