What, are you his attorney? You call him in, tell him we are parting ways and need to negotiate a settlement on the way out.
He says - "pay me the entire contract"
You say - "if we go there it will be firing for cause due to mismanagement of several of the programs - it will be public - and your next job will be the Asst. AD at a D2 school. We also might contest some parts of the contract in court so you can look forward to lengthy litigation which you will spend money hoping to win while we (at the state) are happy to throw 200k on attorneys"
In the end he resigns you give him a nice settlement, all smiles on the way out, he finds a good job wrecking someone else's basketball program and you find someone competent.