Florida Gators head coach Billy Donovan will be holding that title for a few more years as the school announced Friday that the two sides have agreed to a three-year contract extension that will keep him wearing the orange and blue through the 2015-16 season.
“Billy Donovan has built one of the elite programs in the country at the University of Florida, he and his family have given 16 incredible years to this institution and community,” athletic director Jeremy Foley said in an official school release. “His accomplishments speak for themselves, but he’s also achieved success with integrity, character and loyalty. We’re thrilled that he will continue to lead our program for years to come.”
Donovan himself said on Oct. 13 that the two sides were close to signing the extension but still had to work on some details.
“In this day and age in coaching, it’s very rare that you stay at a job starting my 16th year and you still have the same athletic director in place,” he said. “It has been our relationship that has made this job and this opportunity for me here so special is my relationship with him. I would think that it would happen soon. Probably need to ask him that question. I’m ready to go.”
UF notes that “the financial conditions of the extension are the same as those Donovan agreed to after he guided the Gators to a second-straight national championship in the spring of 2007.”
At that time, Donovan signed a six-year, $19.5 million contract (before incentives) with annual pay that increased from $3.1 million in the first year to $3.5 million in 2012-13.
That puts his three-year extension at approximately $10-10.5 million.
If Donovan chooses to terminate the contract, it will cost him $500,000; however if he is fired by the school without cause, Florida will owed him $2.5 million per year remaining on the deal. Should either action take place within a one-month window (March 1-April 1), no monies would be owed.
The Gainesville Sun’s Kevin Brockway reports that Donovan will earn a loyalty bonus of $500,000 heading into next season and $340,000 prior to each of the final three years of his deal. He will also receive a $60,000 expense account.
The Gators provided him with a number of incentives on his last 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 SEC Coach of the Year (by the AP), $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 National Coach of the Year.
He can earn an additional month’s salary for graduating 60 percent of his players and 10 percent of his annual salary if he hits an 80 percent graduation rate.
Donovan has led Florida to four SEC Championships (2000-01, 2007, 2011) and back-to-back national titles (2006-07). He won his 400th career game on Nov. 28 and has been victorious in 71 percent of the contests his Gators teams have participated in over 16 seasons. Donovan earned his first SEC Coach of the Year award in 2011.
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