According to The Daily Athenaeum, WVU’s student newspaper, Rodriguez agreed late Tuesday night to pay the entire $4 million that was in his contract.

The settlement was reached on the night that Rodriguez was supposed to submit non-redacted term sheets he signed with Michigan that had previously been blacked out.

“It’s a case that should have settled a long time ago and could have settled a long time ago. It’s in the best interest of everyone to resolve it,” Flaherty told the AP.

WVU lawyers felt the pressure to settle was in part due to a lawsuit filed by WVU in a Michigan court, asking to allow the deposition of both Michigan athletic director Bill Martin and President Mary Sue Coleman.

Exactly when and how Rodriguez will pay has not yet been disclosed. It may be that Michigan will pay part of the amount.

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UPDATE

WVU’s News and Information Services has disclosed on WVU Today a timetable for payments:

Officials said terms of the full value settlement agreement include a timetable for payments, with the first payment of $2.5 million due by the end of July, and the remaining $1.5 million to be paid in three equal installments (January 2010, January 2011 and January 2012). There will be no further legal action or claims.

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