I've heard that the buyout could be tricky... in this case, a "buyout" with the similar amount (1.25MM) is included in the contract that requires LSU to pay Les if they decide to let him go before his contract's up... I think that's why you don't see teams willing to make the buyout amount too high.
Taking the Michigan job would be a better option in my opinion. Think about it the Big 10 is overrated and soft but it will easily get you in the title game if you win out. SEC is like going through hell every week even the mediocre teams like South Carolina, Arkansas and Tennessee are a handful.
It's worse than that for LSU, based on the article: Bertman told the Free Press that Miles' amended contract includes free tuition for his children at LSU, academic incentives based on his players' achievements and a double payment of his remaining deal if he is fired. If I'm reading that right, if they fire him, they have to pay him MORE than if they keep him. That said, this is why all teams agree to mutual terms. The team doesn't want to pay the entire contract and the coach doesn't want the shame of having been fired. That's why this was such a no-brainer for Miles. His terms to leave stay the same, but his contract is extended, so it's much more difficult for LSU to get rid of him.
Well you dont get it.....I've been a life-long follower of OSU ( which was the school that originally intended to go) but when he left (suddenly I might add) we were all shocked and devestated.......of course I wasn't because he sucked as the head coach, even though when pulling in top 30-20 in recruiting classes. Plus even then he could only bring in Juco transfers. Our new coach is wayyyyyyyyyy better than him too. So I'm warning you Michigan fans: don't expect too much. Btw, for those of you who don't know about this school, we have a DEEP coaching history/ connections. (ie Jimmy Johnson, Larry Coker, Houston Nutt, Butch Davis, and Les Miles -of course)