Florida basketball coach Billy Donovan finally signed the six-year contract extension he agreed to in June 2007 after deciding against a jump to the NBA.
The deal is worth more than $19.5 million before incentives.
Donovan, who is 285-115 in 12 seasons, received a salary, before incentives, of $3.1 million last year. He took the head coaching job with the Orlando Magic in June 2007 before returning to Florida after a much-publicized change of heart.
Donovan's before-incentive pay will increase annually, from $3.1 million this season to $3.4 million in 2012-13, according to a copy of the contract obtained by the Associated Press.
If Donovan terminates the contract, he'll pay $500,000 to the University Athletic Association. If the school fires Donovan, he'll get $2.5 million.
If the school fires him with cause — which includes NCAA violations and other misconduct — he'll receive one month's salary.
His performance incentives range from $25,000 for making the NCAA tournament to $250,000 if the Gators win the national championship. Donovan would get $50,000 for a top-10 finish in the Associated Press poll, $25,000 if he's named Southeastern Conference Coach of the Year, and $50,000 if he's the National Coach of the Year.
Donovan would receive one month's salary if he graduates 60 percent of his players; 10 percent of his annual salary if that number reaches 80 percent.
The school and Donovan will also have a window from March 1 to April 1 each year in which either party can terminate the contract without cause and not be subject to the buyouts.
Donovan wasn't available to comment.
The Gators won consecutive NCAA Championships in 2006 and 2007 and figured to be in a serious rebuilding stage in 2008 after losing stars Corey Brewer, Taurean Green, Al Horford and Joakim Noah. Donovan had just completed his 11th season in Gainesville and was looking for new challenges. He was wooed by the Magic, who had recently parted ways with Brian Hill.
Donovan accepted a five-year $27.5 million deal, but had second thoughts and told the Magic he was returning to Florida. The Magic reluctantly let him out of the contract and hired Stan Van Gundy, who led them to the Eastern Conference semifinals last season.
