The former Rutgers University head football coach, who this week took the top spot with the NFL’s Tampa Bay Buccaneers, will have to pay the New Brunswick-based school $800,000 for opting out of his contract early, the university confirmed in a Business Week report.
Schiano, who was at the helm of the Scarlet Knights for 11 seasons, owes $500,000 for a buyout and $300,000 which is remaining on his home loan.
Schiano, 45, made $2.03 million including bonuses in the fiscal year ended in June.
His 5-year contract with the Bucs is said to be worth in the $15 million range, sources told the Star-Ledger.
Rutgers Athletic Director Tim Pernetti selected offensive line coach Kyle Flood as the school’s interim head coach while officials scramble to find for Schiano’s replacement before national signing day on Feb. 1.
Temple coach Steve Addazio; Florida International coach Mario Cristobal, a former Rutgers assistant, and former Penn State defensive coordinator Tom Bradley are among the list of possible successors to Schiano, according to the Record newspaper.
The Bucs, meanwhile, have not won a playoff game since they won the Super Bowl in 2003. Schiano replaces Raheem Morris who compiled a 17-31 in three season with Tampa. The Bucs were 4-12 in the 2011 season, missing the postseason for the fourth straight year.
—ANGELA DAIDONE, NEWJERSEYNEWSROOM.COM