Jonathan Smith will owe Oregon State a $3 million buyout

New Michigan State coach Jonathan Smith had a buyout in his coaching contract at Oregon State, so the Spartans will have to cough up a nice chunk of change to the Beavers.

According to Steve Berkowitz of USA Today, Smith will owe Oregon State a $3 million buyout. Those buyouts are typically covered by the hiring program.

Smith was making $4.85 million per year at Oregon State.

His hire was the first major hire in a coaching carousel cycle that figures to be plenty interesting with a handful of high-profile gigs open.

Smith just wrapped up an 8-4 regular season with the Beavers to cap off a successful three-year stretch. He took over in 2018 and rebuilt the Pac-12 squad.

He went 34-35 in six seasons at Oregon State, including a 10-3 season in 2022 that finished with a Las Vegas Bowl win.

Michigan State released a statement on his hire from athletics director Alan Haller on Saturday afternoon.

Full statement from AD Alan Haller on Jonathan Smith

“Today is an exciting day for Michigan State as we welcome Jonathan Smith, wife Candice, and children Robert, Bella and Charles to our Spartan family,” said MSU Vice President and Director of Intercollegiate Athletics Alan Haller. “Jonathan has a proven track record of success, building the Oregon State program from the ground up by implementing a plan resulting in sustained historic success for the Beavers. He’s been a part of championship staffs, coached in the College Football playoff, and understands what’s required to be successful at the highest level, learning from some of the game’s most successful coaches.

“On the field, his teams are tough and physical, yet innovative. This year, Oregon State has controlled the line of scrimmage on both sides of the ball, ranking among the nation’s leaders in both rushing offense and rushing defense. He’s shown not only the ability to recruit talented student-athletes who fit his system, but also to develop and maximize players once they’re in the program. At his core, he’s a quarterbacks coach, and throughout his career he’s been instrumental in the development of young quarterbacks, which is essential in today’s college football landscape.

“Beyond the football field, the Smith family will be an excellent addition to the entire Michigan State University community. Jonathan and Candice are excited to be invested community members and realize that Spartan football is just one part of the University’s larger mission.

“With the Tom Izzo Football Building nearing completion, demonstrating our commitment to providing championship resources, and with the support of our passionate and loyal fan base, this is certainly an exciting time to begin a new era of Spartan Football. Jonathan has a great appreciation for the rich history and tradition of our program, and is committed to doing what’s required to compete for championships at the Big Ten and national level.”