Yes the buy out is ridiculously huge and it was a really poorly negotiated contract that was never market, but if you think it's a financial disaster now let this team continue to spiral downwards and see how the finances look in a couple years when donations and attendance continue to plummet.

You simply need to find the money and get a better long-term contract with a young up-and-coming assistant. Stop extending every contract every time a young coach has a decent season.