Jimbo Fisher's new extension with Seminoles includes big buyout

Published Jan. 29, 2015 6:05 a.m. ET

foxsports

Jimbo Fisher's eight-year contract extension will begin with a $5 million salary in 2015 and includes a significant buyout if he chooses to leave Florida State before the end of the 2022 season.

The school announced the contract Dec. 23, but released the financial details Wednesday as part of a public records request.

The 49-year-old Fisher will owe $5 million if he leaves Florida State before December 2016. The contract features a sliding scale, with Fisher owing $3 million if he leaves before December 2018 and then $1 million after January 1, 2019.

If Fisher stays through the entire contract, he will receive a $1.2 million ''completion benefit.''

Fisher will earn $5 million in 2015, with a $100,000 raise each year until the 2022 season ($5,475,000). The incentive-laden contract also includes bonuses for a variety of team achievements, including winning the Atlantic Coast Conference, reaching the College Football Playoffs, end-of-year finish in the CFP poll and winning a national title.

In five seasons as Florida State's coach, Fisher is 58-11. He led the Seminoles to the 2013 national title and has won three consecutive ACC championships. Florida State's 29-game winning streak was snapped when Oregon defeated the Seminoles 59-20 in the Rose Bowl on Jan. 1.

Fisher was hired as Florida State's offensive coordinator in 2007 and was on coach Bobby Bowden's staff for three seasons. He took over in 2010.