I doubt Venables has any agreement, any unlilely informal agreement wouldn't be honored if ou decided Venables was a liability.
Venables current buyout is about 30 million, not sure how much it goes down after this year. Assuming their season goes as badly as many expect, it will be interesting to see if they let him try a different O coordinator, or show him the door. Seems it would be difficult for Venables to attract a top flight O coordinator after this year. Kind of reminds me of Charlie Strong getting a 4th year and managing hiring Sterlin Gilbert.