Mike London resigns: Details on buyout, contract terms

Virginia football coach Mike London parted ways with the University on Sunday. Although most of us expected him to be fired, the official exit path was a resignation with a negotiated buyout.

The difference is small but not insignificant. If London had been straight up canned, he would've been owed $3.2 million. Instead, the athletic department is only on the hook for $2.7 million. $500,000 isn't going to make or break the department's budget, but it ain't chump change either.

From the official athletic department release:

London's contract was set to expire after the 2016 season. London and the University have come to a financial agreement to pay him approximately $2.7 million through 2016. Compensation owed to London and any assistant coaches not retained by the next head coach will be funded from athletics department funds. The athletics department does not receive state funding.

Reading tea leaves here, it looks like there is also a chance some of the assistants would stay on under whatever new coaching regime comes in. With the success of recruiters like Chris Beatty, some continuity would be good to counter the head start that Tech currently enjoys.