Newly hired University of Tennessee football coach Butch Jones will receive $18.2 million over six years, according to a memorandum of understanding released on Friday.
Jones will receive a base salary of $245,000 each season during the length of the contract along with a supplemental compensation of $2,705,000 annually.
He receives a $500,000 signing incentive.
The buyout if Jones is terminated by UT is $2 million and will not change throughout the contact.
The buyout for Jones to leave is $4 million after the first season, $3 million after the second and third seasons and $2 million the final three seasons.
Per the contract that Jones broke with the University of Cincinnati in order to come to Knoxville, Tennessee will be responsible for a $1.4 million payout owed to Cincinnati.
In a worst-case scenario for the university and its athletic department, Tennessee could face $10.8 million in buyouts alone in replacing coach Derek Dooley.
It will come in addition to the roughly $5 million buyout owed to Dooley, who was fired on Nov. 18., and upwards of $4.4 million potentially owed to members of his former staff. That figure depends on how quickly they find other jobs and how much those jobs pay.
Dooley will receive his payments in monthly installments of roughly $102,040 through December 2016.
With Jones taking the job Friday, the athletic department will pay $17 million for two head coaches over the next four years.
In October, prior to Dooley's termination, Tennessee athletic director Dave Hart addressed financial woes in the athletic department and told the News Sentinel, "We are carrying the largest — by far — debt service in the conference and the smallest — by far — reserve in the conference."
Jones is expected to start at UT immediately. UC athletic director Whit Babcock said in a Friday morning press conference that he will not coach the Bearcats against Duke in the Belk Bowl.
Babcock said UC offered Jones a new contract that included "a significant increase on his current deal" when trying to retain him. He added that he was contacted by five other BCS schools trying to poach Jones.
Jones, who earned $1,575,000 annually at Cincinnati, turned down offers from Purdue and Colorado before agreeing to terms with Tennessee.
The 44-year-old is 50-27 in six seasons as a head coach at Cincinnati (23-14 over three years) and Central Michigan (27-13 in three seasons).
Brendan F. Quinn covers Tennessee men's basketball. Follow him at Twitter.com/BFQuinn