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GAINESVILLE (CBSMiami/AP) — The Florida Gators basketball team has been one of the more consistent programs in the nation and that’s due in large part to their head coach.
Florida coach Billy Donovan has signed a one-year contract extension that raises his annual salary to about $4 million and keeps him under contract through the 2019-20 season.
Donovan and the Gators agreed to the deal last summer. It was signed in December, and the school released details Thursday.
The new contract paid Donovan $4.2 million in 2014-15, including a $250,000 signing bonus. His salary drops to $3.96 million for the next four years and then jumps to $4 million in the final year.
The total value of Donovan’s deal increased by a little more than $5.63 million. His buyout remained at $500,000 — giving him an affordable out if he chooses to jump to the NBA. Donovan also has a window from March 1 to April 1 to end the agreement without paying a buyout.
Donovan’s previous deal averaged $3.7 million annually.
The Gators have reached the Final Four four times during Donovan’s 19 seasons. He led them to consecutive national championships in 2006 and 2007, but is coming off his first losing season since 1998.
The 49-year-old Donovan recorded his 500th career win in February, joining Bobby Knight as the only college basketball coaches to reach the milestone before turning 50.
Donovan is the fifth-highest paid coach in college basketball. Only Duke’s Mike Krzyzewski, Kentucky’s John Calipari, Louisville’s Rick Pitino and Kansas’ Bill Self earn more than Donovan.
(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)