BATON ROUGE - According to his contract, LSU owes Lane Kiffin $500,000 folowing Ole Miss' victory in the Allstate Sugar Bowl, the College Football Playoff quarterfinal, in New Orleans on Thursday.

Kiffin's former team, ranked No. 6, beat No. 2 Georgia 39-34, moving on to play Miami in the Fiesta Bowl on Jan. 8, the CFP semifinal. 

Under his new contract with LSU, Kiffin is entitled to receive "an amount equal to the amount (he) would have been entitled had he remained head coach" at Ole Miss.

According to Kiffin's contract, if Ole Miss wins against Miami, securing a spot in the National Championship, his bonus will increase to $750,000, with the potential to increase to $1 million with a championship win. 

While Kiffin has the possibility of making additional money, he may also owe the school millions if he leaves his position earlier than negotiated.

In Kiffin's new contract, if he leaves to take another head coaching job, he will pay LSU in liquidated damages. If he leaves before Dec. 31, 2026, Kiffin will pay LSU $7 million, while he would owe $6 million in 2027, $5 million in 2028, $3 million in 2029, $2 million in 2030 and $1.5 million in 2031.