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Texas Board of Regents approve settlement for former AD Steve Patterson

The buyout life can certainly be a lucrative one.

Steve Patterson
Steve Patterson
Chris Covatta/Getty Images

As expected, University of Texas regents voted to approve a settlement for former Longhorns athletic department Steve Patterson, who was ousted last week after only 22 weeks on the job.

Chancellor Bill McRaven would not release the financials of the settlement, which Patterson's lawyer Rusty Hardin must still officially approve, but Horns Digest reported last week that Patterson will receive $2.8 million, roughly half of the remaining money owed in his guaranteed contract, which was set to run through 2019.

Here are some further specifics:

If Patterson doesn't have other employment a year from now, he'd be entitled to another $1.4 million, the sources said. If Patterson does have other employment 12 months from now, Texas would supplement any difference in Patterson's salary to ensure a $1.4 million total for the second year, sources said.

New interim athletic director Mike Perrin will make $750,000 from his contract, which runs through August of 2016. Perrin's contract did not need approve from the regents because it is for less than $1 million.