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Revised contract reduces buyout

UNM head football coach Mike Locksley will have a lot less to take to the bank if he’s let go at the end of the season or in the future.

The Albuquerque Journal reported Wednesday that the third-year head coach signed a contract addendum Feb. 28 that reduces his buyout from $1.095 million to $450,000 if the University severs ties with him without cause after the 2011 season.

Athletics Director Paul Krebs told the Journal that the restructured deal made “economic sense.”

Locksley also stands to benefit from the renegotiated terms.
If the Lobos win six games this season, Locksley gets a $50,000 incentive. The revised contract also gives him more wiggle room if he leaves the University on his own volition or for another coaching opportunity.

Under the original contract, Locksley would have owed the University $250,000 if he terminated his deal before the end of the 2011 season and $100,000 if he left at the end of 2011 or before 2014. But the addendum eliminated the penalties if the third-year coach leaves by choice.

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