Kevin Ollie signs 5-year, $15 million deal with UConn

Kevin Ollie becomes one of the highest-paid coaches in college hoops with this deal. (USATSI)

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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).

CBS Sports Writer

Matt Norlander is a national award-winning writer who has been with CBS Sports since 2010. He's in his seventh season covering college basketball for CBS, and also covers the NBA Draft, the Olympics and... Full Bio

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