Mike Locksley buyout: Details of Maryland head coach's contract

Maryland has parted ways with Mike Locksley before the end of the 2026 college football season, and the Terrapins owe their head coach $9.94 million. The Terrapins now have to pay half of the buyout — $4.97 million — in a lump sum within 60 days of termination. Locksley is now owed 65% of his total remaining compensation. After the lump sum payout, he would receive the remainder of his buyout in equal installments through the end of his contract in 2028. He signed a five-year contract extension in 2022, but because the Terrapins reached at least seven wins in 2022 and 2023, it kicked in automatic one-year extensions. Here is a full buyout breakdown: + Buyout drops to $8.9 million after the 2026 season+ Buyout drops to $4.5 million after the 2027 season+ Buyout drops to $0 million after the 2028 season The buyout includes no mitigation or offset obligations for Locksley. Maryland opted to bring Locksley back for the 2026 season last November rather than move on. Athletic director Jim Smith announced at the time that the Terrapins planned to increase financial support for the program. Locksley is in his eighth season in College Park. Maryland has finished with two consecutive 4-8 seasons and 1-8 marks in Big Ten play. The Terrapins have not beaten a Power Four opponent since last September, when they beat Wisconsin. The Terrapins were 39–54 under Locksley. Locksley found success in College Park from 2021 to 2023, posting three consecutive winning seasons and bowl wins. But they have struggled to find their footing the last two seasons. “I understand why the fans are frustrated. They’ve earned the right for us to play better than we have,” Locksley said earlier this week. “It won’t get fixed here at the podium. It will be fixed across the street with the work we do.” After a 2-0 start to 2026 with wins over Hampton and UConn, Maryland lost at home to Virginia Tech and opened Big Ten play with losses to UCLA, Nebraska, Ohio State and Rutgers.