Texas A&M owes Jimbo Fisher staggering sum after dismissal
Texas A&M fired Fisher after a win against Mississippi State
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Texas A&M on Sunday made the stunning decision to fire head football coach Jimbo Fisher.
Fisher took over at Texas A&M before the start of the 2018 season, and he came in with high expectations. He led the school to three bowl games, including an Orange Bowl win in 2020, but the team started to decline from there.
The school took care of Fisher at that time. He signed a 10-year contract when he got to College Station and, after his immediate success, he was extended through the 2031 season before the 2021 season kicked off. It also came with a large buyout should the school fire him.
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Texas A&M Aggies head coach Jimbo Fisher looks on during the game against the New Mexico Lobos at Kyle Field in College Station, Texas, on Sept. 2. (Maria Lysaker-USA TODAY Sports / IMAGN)
The chickens came home to roost, and now the university owes him a giant paycheck.
Fisher is owed between $75 and $77 million, and the money will come regardless of whether he finds a new head coaching job, according to The Associated Press. It is more than triple the largest known buyout given to a fired head coach.
Texas A&M athletics director Ross Bjork said 25% of what Fisher is owed — $19 million — is due within 60 days, and the first of several installments of about $7 million must be paid within 120 days.
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Texas A&M Aggies head coach Jimbo Fisher reacts during the game against the Mississippi Rebels at Vaught-Hemingway Stadium in Oxford, Mississippi, on Nov. 4. (Petre Thomas-USA TODAY Sports / IMAGN)
"We will use unrestricted contributions within the 12th Man Foundation for the first one-time payment and the athletic department will fund the annual payments for the remaining portion by growing our revenues and adjusting our annual operating budget accordingly," Bjork said Sunday.
Bjork said the school "has to learn a lesson" from the Fisher contract.
"Although this is a major, major financial decision that comes with many consequences, we have a plan and we will not let this impact the performance or the culture of our entire athletics program," he added.
Texas A&M defeated Mississippi State soundly, 51-10, on Saturday, but Bjork said Fisher was dismissed over the totality of how the football program was operating.
Texas A&M Aggies head coach Jimbo Fisher is interviewed before the game against the Alabama Crimson Tide at Kyle Field in College Station, Texas, on Oct. 7. (Troy Taormina-USA TODAY Sports / IMAGN)
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"You’re either moving forward or you’re stuck. We were stuck... something was not working to reach our full potential," he said.
The Associated Press contributed to this report.