They don't have to pay him the money all at once.
Do you want to pay him the buyout money to have him not coach....or do you want to pay him his salary for him to coach? They're comparable numbers. It's not like the buyout is $60M and if you keep him you pay him $3M. They're paying him $10.3M this year.
Basically, if they fire him this year, they owe him 85% of his remaining money, which would be around $47M. But, they have the option to pay him monthly for the duration of the contract. If they went this route, and please everyone who isn't sitting down, please do so, they could pay him roughly $800,000 a month through 2031. LOL. So, to everyone saying, "they don't have the money". No, they don't, but they don't have to write a $47M check. You can pay him for 5 more years.
Also, in situations like this, there is commonly a negotiation. Doesn't mean he has to take it, but I'm sure they'll approach him to cut them a break. Maybe we pay you $35M right now and we just go our separate ways. Who knows?
But, again, you're already on the hook to pay him over $10M every single season anyway, through 2031.
Unless someone ponies up a ton of money, the most likely way this plays out is they fire him soon, negotiate a smaller buyout number, and then hire someone off the budget rack for very limited guaranteed money and keep all their fingers and toes crossed that they can get through the next couple years just paying a little bit more than what they already have earmarked for Norvell.
But the bottom line is, as has been the story for 2 years now, they're completely and utterly ****ed. You're damned if you do, and damned if you don't.