That makes Calipari the second highest-paid coach in college basketball.
Duke's Mike Krzyzewski, a Hall of Famer, still ranks first.
"Basketball has long been the marquee sport at the University of Kentucky," said athletic director Mitch Barnhart. "It's a sport that the traditions of this university and this state have been founded on. They were developed and sort of started from the get-go by Adolph Rupp and through many good people since. What Cal has done is returned us to those glory days of Final Fours and championship efforts, great players, and all along he's helped young people understand the responsibility of going to class, of the commitment to each other and to a program that has as rich of a tradition as this one does. It has long been our goal over the last three to five years that Cal enjoy this as his final stop in coaching and that he has an opportunity to finish his career at the University of Kentucky and hopefully set standards and win championships that will be remembered for many, many years to come."
Calipari's contract breaks down like this:
- 2014-15: $6.55 million
- 2015-16: $7.05 million
- 2016-17: $7.30 million
- 2017-18: $7.80 million
- 2018-19: $8.05 million
- 2019-20: $8.05 million
- 2020-21: $8.05 million
"With the continued support from our administration and the greatest, craziest, fans in college basketball, we have accomplished a lot in our five quick years," Calipari said in a statement released by the school. "But we still have lofty goals for the future."
Calipari has led Kentucky to a 152-37 record through five seasons and been to four Elite Eights, three Final Fours and two national championship games. He won the 2012 NCAA Tournament with a roster highlighted by Anthony Davis and Michael Kidd-Gilchrist. The Wildcats are ranked No. 1 in the preseason Top 25 (and one).