The University of Florida will pay the largest buyout ever to hire away Colorado State University's head football coach, Jim McElwain, Colorado State University announced Thursday.

As part of the contract with McElwain, Colorado State received a total buyout of $7 million, including $5 million in cash, the largest such buyout in college football history, eclipsing the $4.3 million the University of Texas paid to the University of Louisville to hire Coach Charlie Strong earlier this year.

"[Colorado State] athletics has benefitted from the three-year association with Jim McElwain," School President Tony Frank said in a statement. "We wish him well, and are confident and we can recruit a coach who is committed to a sustained program of excellence at Colorado State over the long term."

McElwain is the first coach in program history to leave Colorado State to coach another program.

"We have a tremendous group of student-athletes in this football program who have invested in one another and have worked hard to bring a great deal of pride to Colorado State," John Morris, interim director of athletics, said in a statement. "I want to thank Jim McElwain for everything he has done for our football program and Colorado State. We will miss Jim and his family, and we wish him well moving forward."

Dave Baldwin, the Rams' offensive coordinator, will serve as interim head coach and will lead the team at its upcoming bowl game.

Our national search will begin immediately to find an exceptional leader for the Rams football program," Morris said. "The head football coach position at Colorado State is a dream job. I am confident we will attract an outstanding group of candidates who want to coach under tremendous university leadership at this world-class institution."

The total payment to Colorado State of $7 million is 93 percent of the buyout value of the contract with McElwain.

In addition to the $5 million in cash, Colorado State will be paid $2 million to play a football game at the University of Florida as part of the agreement. The game has not yet been scheduled.