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Fort Collins • A deal on buyout terms in Jim McElwain's Colorado State contract was reached Thursday morning, meaning McElwain will be the head football coach at the University of Florida.

Florida officials tweeted out confirmation at 9:20 a.m.

The renegotiated buyout has CSU receiving $5 million cash and $2 million guaranteed to play a game at Florida between 2017-20. McElwain will pay $2 million of the buyout.

He had a $7.5 million buyout in his contract. His new contract with Florida is $3.5 million annually over six years.

McElwain called a meeting with CSU players at around 9:25. He was greeted by applause from assembled players and staff as he entered to inform them of his departure.

McElwain met with the players for about eight minutes, then left without commenting to the assembled media. The players remained in the auditorium with interim athletic director John Morris for a few minutes and most went as a group to the nearby locker room.

The players were discouraged from talking with the media, but junior H-back Steven Walker, an all-Mountain West choice Monday, said they had been told that offensive coordinator Dave Baldwin would be the interim head coach.

"It's something we have to go through as a team," Walker said. "Coach Baldwin's a great coach and we're going to get a victory in this bowl game. It's a change for us, but we're going to get through it as a team."

Did the players feel let down by their coach?

"No, not at all," Walker said. "He had to take an opportunity for himself and for his family. We're happy for him. He's going on to a great program and he's going to do what he has to do."

CSU officials, including president Tony Frank, entered the picture Wednesday to discuss the extent to which the buyout clause in McElwain's contract would be enforced. The buyout — officially "liquiated damage" — technically is McElwain's responsibility but Florida presumably would assume it.

CSU went 10-2 this past season and will learn Sunday where it will play in a bowl game. In three years, McElwain, who took over a program that had gone 3-9 for three consecutive seasons, won four, eight and 10 games.

Florida officials flew to Fort Collins on Tuesday to discuss the job at McElwain's house late into the evening.

Check back for more details on the story.