Geoff Collins Fired: What Is Geoff Collins’ Buyout at Georgia Tech?

min read
Geoff Collins' buyout is an increasing subject of conversation at Georgia Tech.
(AP Photo/John Bazemore)
BetMGM @BETMGM Dec 06, 2022, 10:53 AM
  • Geoff Collins never won more than three games in a season.
  • His full contract was guaranteed since he was fired before 2023.
  • Geoff Collins’ buyout is north of $10 million.

Nothing says college football season – and NCAAF odds season – like angry fans and message boards trying to fire a coach.

Unfortunately for Georgia Tech head coach Geoff Collins, those angry fans turned into angry university stakeholders.

And after the college football hot seat claimed two early-season victims in Scott Frost and Herm Edwards, Collins was next on the list; he was fired on Monday, Sept. 26, after another blowout loss. 

What is Geoff Collins’ Buyout?

Since he was fired before 2023, the university must pay Collins 100% of his remaining contract salary: $10.5 million.

Collins’ original seven-year contract guaranteed his full salary if he is relieved of his duties as head coach at any point during the first four years of his contract. The 2022 season was Collins’ fourth year at Georgia Tech. 

The buyout would’ve dropped to $2.4 million for each remaining season, beginning in 2023.

What is Geoff Collins’ Contract?

Geoff Collins signed a 7-year contract when he was hired in December of 2019 and paid an average of $3.3 million per season, for a total of $23.1 million.

His annual salaries were:

  • 2019: $3 million
  • 2020: $3.1 million
  • 2021: $3.2 million
  • 2022: $3.3 million
  • 2023: $3.4 million
  • 2024: $3.5 million
  • 2025: $3.6 million

Since Paul Johnson retired at the end of the 2018 season, Georgia Tech has won 13 total games. That includes back-to-back-to-back three-win seasons from 2019-21. 

The expectations remained low, both on the field and in the college football betting odds market.

That said, Georgia Tech’s win total for the 2022 season was 3.5, and the Yellow Jackets have now hit the over on that future.

Georgia Tech Yellow Jackets Football

The Yellow Jackets are 4-4 since Collins’ departure, scoring wins over Pitt, Duke, Virginia Tech and No. 13 North Carolina.

The Yellow Jackets finished the 2022 season at 5-7, so they didn’t quite do enough to get back to a bowl game.

However, it was enough to earn interim coach Brent Key the full-time head coach position for Georgia Tech football going forward into 2023.

Brent Key: Georgia Tech Football Coach

Prior to being named the full-time head coach at Georgia Tech, Key had never been a head coach at any level of college football.

Key had worked as an assistant for several years at UCF, spanning multiple positions from 2005-15.

Key spent three seasons as the offensive line coach for Nick Saban at Alabama from 2015-18. He left for Georgia Tech in 2019.

As the associate head coach under Geoff Collins, Key was the obvious choice to serve as interim head coach in the aftermath of his firing. However, few college football betting analysts would have wagered on Key earning the full-time gig.

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Our BetMGM editors and authors are sports experts with a wealth of knowledge of the sports industry at all levels. Their coverage includes sports news, previews and predictions, fun facts, and betting.

Our BetMGM editors and authors are sports experts with a wealth of knowledge of the sports industry at all levels. Their coverage includes sports news, previews and predictions, fun facts, and betting.