Auburn is also the subject of an NCAA investigation that includes the recruitment of Memphis running back Jovon Robinson, who was ruled ineligible after a guidance counselor admitted to creating a fake transcript.
The Birmingham News reported on Wednesday that NCAA investigators had interviewed at least one assistant coach and several players during the week leading up to the Iron Bowl.
Chizik's contract includes a clause that it wouldn't owe the buyout money if he is fired for cause, including findings of major rules violations or significant or repetitive violations" involving him or his program.
Chizik and Auburn have weathered past NCAA scrutiny. The governing body closed investigations into the recruitment of Newton and allegations from four former players that they were paid thousands of dollars during their college careers.