Joedib had it right. I would only add that if a Petitioner's lawyer believes the case is very strong they might take it on contingency or a hybrid contingency/hourly. That can complicate settlement because petitioners sometimes try to be awarded attorneys fees.
I haven't seen the contract, but if CMA's lawyers were worth their salt in negotiating it, the contract had a very stringent definition of termination for "Cause" with Cause or Good Cause as very bad acts. From the outside, I'd much rather represent him than the school. Just my opinion.
But Beast, no Court and no jury so with an arbitration we short circuit the "discovery" phase and accordingly legal bills. In arbitrations, bleeding the other side dry and waiting for the "Court House Steps" isn't normally in play. Not that respondents don't hold onto the money for a while, they do. I'd be surprised if he doesn't get all of his money. [BTW: no insurance for an ordinary breach of contract action; insurance for the claims of reputational damages]
Enough of this, let's talk about Rick Pitino and our bright future under a much better HoF Coach who still has the burning desire to WIN!.