Tennessee men's basketball coach Bruce Pearl has signed a new six-year contract today, finalizing a deal that he agreed to in principle in April.
A source close to the situation said Pearl's salary for the upcoming season will be around $1.9 million. The new deal will contain retention bonuses and the buyout money will increase.
Pearl was due to make $1.7 million for the 2009-10 season and was due a retention bonus of $500,000. He is expected to maintain that retention bonus at the end of this season.
His previous contract also contained a $100,000 escalator clause, meaning he would have made $1.8 million in 2010-11.
UT athletic director Mike Hamilton has made the escalator (predetermined uniform raises) commonplace in his negotiations with football and basketball coaches, and Pearl's new contract is expected to have one, too.
UT has not acknowledged the signing, but is expected to announce details of the contract when it is made official.
Both Pearl and Hamilton have indicated they are comfortable with Pearl being the third-highest-paid coach in the SEC.
Kentucky coach John Calipari has a deal worth $3.7 million while Florida's Billy Donovan makes $3.5 million.
Pearl's new deal is expected to average approximately $2.4 million over the next six years with the retention bonuses and escalator raises factored in.
Part of Pearl's new contract includes an increase in the salary pool of his assistant coaches that is consistent with the percentage his contract is increasing (roughly 15 percent).