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Ron Prince settles with K-State for $1.65 million

Former Kansas State head coach Ron Price has reached a settlement with the university that will pay him $1.65 million.

Price was dismissed after the 2008 season, but the university discovered that then-athletic director Bob Krause had signed a contract with Prince that included an interesting pact, one that was unbeknownst to Kansas State president Jon Wefald.

The contract held K-State responsible for $3.2 million in addition to a $1.3 million severance payment if Prince was dismissed. Kansas State, in other words, didn’t realize just how expensive it was going to be to dismiss Prince.

The deferred compensation agreement made by Krause and Prince’s attorney would end up costing Krause his job.

Kansas State racked up $395,000 in legal fees over the dispute.

Prince, who was dismissed on November 5, 2008 after three seasons in Manhattan, is now the assistant offensive line coach with the Indianapolis Colts.

He was 17-20 in three seasons at K-State.