The University of Florida will pay former head football coach Jim McElwain a $7.5 million buyout, according to terms of an agreement obtained by First Coast News.

The agreement, termed a "transition payment," is reportedly a reduction from the more than $12 million McElwain was still owed on his contract when he was fired by UF on Oct. 30.

McElwain will receive half of the money on Dec. 1, $250,000 in February 2018, $1 million each in July of 2018, '19, and '20, and a $500,000 payment in July 2021.

As part of the agreement, McElwain promises to not contact or recruit any high school or college student athlete previously recruited by UF.

McElwain was fired amidst controversy surrounding "death threats" he referenced in an October news conference but never reported to the school. He later said that he should not have brought them up. His termination also came after the Gators were beat by Georgia 42-7 at EverBank Field on Oct. 28.

Dan Mullen was introduced as McElwain's replacement at UF on Monday.