As of Friday, LSU won’t owe Les Miles a dime.
LSU announced Thursday that the school and its former coach agreed to a final settlement of the remaining money owed on Miles’ buyout. Both parties agreed to a one-time lump sum payment of $1.5 million of the $6.5 remaining in the original agreement which would have been binding until 2023.
Athletics Director Joe Alleva said via an official release that the school and Miles’ representatives had been negotiating the settlement for several weeks. The main incentive for the agreement is that it gives all parties involved a chance to move on.
“It’s time for both parties to move forward,” said Alleva. “One of the challenges of the buyout that was in place was there just wasn’t a lot of incentive to move on to other things. We were looking to provide that and Coach Miles and his representatives also were ready. It was a mutually agreed upon goal and a very positive process from beginning to end.”
The final payment will be executed on Nov. 15, according to the official release.
“Coach Miles has always been positive about our program and has consistently supported our student athletes and our coaches,” said Alleva. “He will always be part of the great history of LSU football and I wish him and his family nothing but the very best.”