Found November 21, 2012 on NFL Draft Zone:
Tennessee chancellor Jimmy Cheek announced that the school would reinvest $18 million in the athletic department over the next three years, giving the department a much-needed boost in funds as the school transitions to a new coaching staff. Before the reinvestment, the $18 million was earmarked for the academic scholarships, fellowships and programs. Cheek emphasized that Tennessee “will not reduce” its financial commitment to academics, and will look to replace the reallocated funds through “private gifts.” “As we face a transition in our football program, I want to make it clear that we support a mission of comprehensive excellence in our athletics department,” Cheek said. “Under the leadership of Vice Chancellor and Athletics Director Dave Hart, we will do the things required to return our team to national prominence. As we begin our search for a new coach, I have assured Dave that he will have the support and resources he needs to be successful.” With that cash in hand – or to be in hand over the next three years – Tennessee can begin the process of paying buyout packages to former coach Derek Dooley and his staff and look towards hiring his eventual replacement. According to columnist David Climer of The (Nashville) Tennessean, Dooley will leave UT with a $5 million buyout. Starting in January, he’ll begin collecting monthly installments of $104,166.66 through 2016. Offensive coordinator Jim Chaney, the team’s interim coach, will be owed about $645,000. Another eight assistants, including one who was fired after the 2011 season, will be owed roughly $4.1 million, according to Climer. It will be interesting to see what coaches will come in, but could Jeff Tedford who was fired from Cal be an option? We must wait and see…..
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