UConn made it official Thursday afternoon, announcing a five-year deal worth $15 million dollars for third-year coach Kevin Ollie.
This on the heels of Ollie taking seventh-seeded UConn to the 2014 national championship, earning the school its fourth title in 15 years. The new deal runs through May 31, 2019, and has a buyout clause for both college and NBA offers that could come his way down the road.
Ollie is a UConn alum and 13-year NBA veteran.
“I'm very pleased that we were able to agree to a new contract and that we'll be able to continue to build upon the success we've had,” Ollie said in a statement. “It's a humbling experience to be around the UConn fans and the UConn family and to know that I am their basketball coach for the foreseeable future. I'm very proud of that. UConn is a place that I love and as I've told everyone throughout the season and through all the recent speculation, this is where my heart is. This is where I wanted to be."
Ollie's base salary is $400,000, but the big boosts come from "annual payment for public relations, consulting and media appearances."Ollie's first year will amount to $2.8 million, with the increments increasing by $100,000 per year over the course of the contract. Bonuses in the contract include regular-season conference titles, NCAA titles, a coach-of-the-year award, reaching the Sweet 16 and more.
The buyout works as a sliding scale. It reads that Ollie will owe $5 million back to UConn if he takes on another D-I coaching job in the first year of his contract, then $4 million, $3 million and so on. If he leaves for the NBA at any point over the contract, the payback is $5 million, then $4 million in the second year and $1 million in the final three seasons.
UConn is ranked No. 20 in our offseason/preseason Top 25 (and one).