How much is actually owed

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According to Kelly's contract obtained by the USA TODAY Network, his buyout is approximately $54 million if he is fired without cause this month.

The contract states Kelly is owed 90% of his remaining base salary and supplemental compensation — plus a pro-rated "longevity compensation" bonus due to be paid July 15, 2026.

Kelly's contract runs through Dec. 31, 2031 or the final game played that season. He is paid an annual base salary of $400,000 plus an annual $500,000 retention bonus as long as he is employed by the school.

$9 million from Jan. 1, 2025 through Dec. 31, 2026
$9.2 million from Jan. 1, 2027 through Dec. 31, 2028
$9.4 million from Jan. 1, 2029 through Dec. 31, 2030
$9.6 million from Jan. 1, 2031 through Dec. 31, 2031

If fired without cause, Kelly would have a duty to mitigate his buyout

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USA Today Article

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LSU doesn't plan to pay the $53 million to Kelly without exploring every avenue available. Yahoo!'s Ross Dellenger reports Kelly will continue to receive his $800,000 monthly payments as per his contract agreement. The two sides will also continue discussing an agreement over the $53 million buyout. Dellenger speculated it could be a lump sum. That said, any resolution to that could be months away.

As things stand, LSU will owe Kelly a monthly stipend until 2031, which would be offset by any money he receives from his next football-related job. Rather than pay him monthly for that number of years, LSU could attempt to pay it all up front.

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SI Article


Summary

Buyout is approximately $54 million owed over the next 6 years in monthly $800,000 payments offset by any earnings he pulls in at that time (another coaching job, TV analyst job, etc.).