On the heels of the Florida Gators’ fourth-straight appearance in the Sweet 16, the school on Tuesday released details of a three-year contract extension signed in February that will keep head coach Billy Donovan with the program at least through the conclusion of the 2018-19 season.
Donovan previously signed a three-year extension in Dec. 2011, and his new deal is a near-carbon copy of the previous extension, which was added on top of the six-year contract he signed after returning to the Gators ahead of the 2007-08 campaign.
Donovan’s latest contract will raise his salary slightly, paying him approximately $3.7 million per year, combining his base salary ($220,000) with an activities agreement ($2.77 million), apparel deal with Nike ($225,000), annual longevity bonus ($340,000) and expense/travel account ($100,000 combined).
As part of his new deal, Donovan will be paid $2.67 million for his activities agreement in 2014-15 and 2015-16 (concluding his original deal) before receiving a $100,000 raise to $2.77 million as part of the extension.
The new contract also provides him with a $250,000 bonus for this season, topping him out at $3.8 million before performance incentives. His total earnings for 2013-14 currently stand at $4 million.
While Donovan no longer has a non-compete clause – a restriction put in place as part of his 2007 deal which kept him out of the NBA for five seasons – in his contract, he still must receive express written consent from athletic director Jeremy Foley before discussing – directly or indirectly – a position with either a professional franchise or another college team.
The Gators provide Donovan with a number of incentives in his contract including $37,500 for making the NCAA Tournament, another $37,500 for earning a Sweet 16 berth, an additional $25,000 for getting to the Final Four and another $150,000 for winning the national championship. Donovan can also receive $25,000 for being named the AP SEC Coach of the Year, $25,000 for winning the SEC Tournament title, $50,000 for earning the SEC regular season crown, $50,000 for finishing in the top-10 of the final AP poll, and $50,000 for being named AP National Coach of the Year.
He can also earn either an additional month’s salary for graduating 60 percent of his players or 10 percent of his annual salary if he hits an 80 percent graduation rate.
Donovan has led Florida to five Southeastern Conference regular-season titles, four SEC Tournament Championships, three Final Fours and two NCAA Championships. The Gators will play in their fourth consecutive Sweet 16 on Thursday as they hope to advance to the Elite Eight for the fourth-straight season.
On Saturday, he passed Dale Brown of LSU for second all-time in total wins at an SEC school with 449 but still stands 426 behind Adolph Rupp of Kentucky (875).
Contract talks between Donovan and Foley are informal in nature, a source close to the coach told OnlyGators.com this fall, which is also evident as terms of his extensions have remained relatively consistent throughout his career. Donovan signing his extension is considered to be simply a formality at this point.
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