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Texas to get $2.75 million severance payment and new job with Texas at 500k per year

Texas will pay Mack Brown $2.75 million that would have been owed him if he had been fired, and place him in a $500,000 per year job as a special assistant to the president for athletics.

Texas spokesman Nick Voinis said Wednesday the school was honoring the terms of Brown's contract that ran through 2020. Brown, who stepped down on Dec. 14, had been reportedly trying to negotiate for more money.

The $2.75 million was to be paid in case Brown was fired before Dec. 31, 2014. The payments were to be made in four annual installments. Brown's contract included the job with the annual salary in case Brown resigned.

Brown has called his departure a "mutual" decision by himself, school President Bill Powers and athletic director Steve Patterson.