Bucs pay Rutgers $500K for Schiano
NEW BRUNSWICK, N.J.
Rutgers received a $500,000 payment from the Tampa Bay Buccaneers to finalize the buyout of former head coach Greg Schiano's contract, The Star-Ledger reported.
Schiano, who quit the New Jersey post last month after 11 seasons to take the NFL vacancy, had five years left on his contract, which was worth more than $2 million a year including bonuses.
He was required to pay $500,000 if he left Rutgers before his deal expired Dec. 31, 2016. The money will finance the athletic department exclusively.
Schiano, 45, still owes Rutgers $300,000 from an interest-free home loan given to him by the university, which will be due upon the sale of the Piscataway, N.J., property or within a year of his resignation.
Schiano, who posted a 68-67 record with the Scarlet Knights, was replaced by his former offensive coordinator Kyle Flood.