This story originally appeared on Touchdown Wire.
Great work if you can get it … and lose it.
Tennessee signed Kevin Steele to a two-year contract on Jan. 12. That was days before Jeremy Pruitt was fired by the Vols as head coach.
New regime, new staff. On March 1, Steele was fired after 48 days by Josh Heupel, who filled out his staff Tuesday.
That left Steele out in the cold. Only problem for Tennessee is he has that two-year contract and is owed $860,870 in severance pay.
NEWS:
Tennessee will owe Kevin Steele up to $860K in severance after firing Steele less than two months into the two-year contract he received in January.https://t.co/eTKzOczHJX
— Blake Toppmeyer (@btoppmeyer) March 5, 2021
Under the terms of Steele’s buyout, he’s due to receive his severance in monthly installments throughout the end of his contract, set to expire Jan. 31, 2023.
Steele has a duty to mitigate the damages. That means if he gains new employment during the term of his Tennessee contract, his salary in that new job will defray what UT owes.
Steele was hired to the deal worth $450,000 annually. He had been fired by Auburn after it let go of head coach Gus Malzahn
Knoxnews added Auburn had owed Steele about $5 million in severance over the next two years until Tennessee hired him. His Tennessee buyout will mitigate Auburn’s damages, but that still leaves AU on the hook for more than $4 million.
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