GAINESVILLE, Fla. -- Florida coach Billy Donovan signed his six-year contract extension Friday, 16 months after he returned to Gainesville following a brief stint with the NBA's Orlando Magic.
The deal is worth more than $19.5 million before incentives.
Donovan, who is 285-115 in 12 seasons with the Gators, took the head coaching job with the Magic in May 2007 before returning to Florida a few days later after a much-publicized change of heart. He agreed in principle to the extension and earned about $3.1 million last season.
It was unclear what caused the long delay in signing the contract.
Donovan's compensation package will increase annually, from $3.1 million this season to $3.4 million in 2012-13, according to a copy of the contract obtained by the Associated Press.
If Donovan terminates the deal, he would have to pay as much as $500,000 to the University Athletic Association. If the school fires Donovan, he would get $2.5 million for every year remaining on the contract.
If the school fires him with cause -- which includes NCAA violations and other misconduct -- he would receive one month's salary.
Donovan's performance incentives range from $25,000 for making the NCAA tournament to $250,000 if the Gators win the national championship. Donovan would get $50,000 for a top-10 finish in the AP poll, $25,000 if he's named Southeastern Conference Coach of the Year, and $50,000 if he's the National Coach of the Year.
Donovan also is eligible for a yearly bonus based on graduation rates.
The contract includes a window from March 1 to April 1 each year in which either party can terminate the contract without cause and not be subject to the buyouts.
Donovan and athletic director Jeremy Foley were not available for comment.
The Gators won consecutive NCAA championships in 2006 and 2007, making Donovan the hottest coaching prospect in the country. Kentucky tried to woo him back to Lexington, but Donovan wanted to make the jump to the NBA, and Orlando seemed like the perfect fit.
Planning to keep his family in Gainesville and coach the Magic about 100 miles south, Donovan accepted a five-year, $27.5 million deal to replace fired coach Brian Hill. But Donovan changed his mind a day after being introduced and kick-started an embarrassing mess for the Magic and the Gators, who already had set their sights on hiring Virginia Commonwealth coach Anthony Grant.
After days of negotiating between lawyers, the Magic released Donovan and hired Stan Van Gundy. He led Orlando to the Eastern Conference semifinals last season.
Donovan returned to Gainesville and started a rebuilding project without stars Corey Brewer, Taurean Green, Al Horford and Joakim Noah. Florida finished 24-12 last season, advancing to the semifinals of the NIT.
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