Colorado State University Cuts Staff Pay to Cover Mike Bobo Buyout
Colorado State University's athletic department is cutting staff pay in order to cover the $1.825 million buyout it owes to former football coach Mike Bobo.
According to The Coloradoan, the pay cuts will affect up to 20 staffers, including 10 on-field assistant coaches and members of the strength-and-conditioning staff.
In total, an annual salary of $2.8 million is now designated to the 20 staff members, as revealed by an informal term sheet signed by incoming football coach Steve Addazio last year.
This salary pool is $200,000 less than it was during Bobo's time.
Addazio's salary will begin at $1.5 million per year, with an annual increase of $50,000 until 2024. This is $500,000 less than Bobo would have received if he was still at CSU.
Overall, CSU is saving just over $2 million in salary for its football staff, which is more than enough to cover Bobo's buyout.