FAYETTEVILLE — The University of Arkansas Board of Trustees on Wednesday unanimously approved the highest-paying contract ever for a coach of the Arkansas Razorbacks.
John Calipari will be paid a base salary of $7 million per year as the men’s basketball coach. Calipari, 65, signed a five-year contract through the 2028-29 season.
Calipari’s contract will include a $1 million signing bonus, then retention bonuses of $500,000 each year.
It can also increase by up to $1.25 million per year for postseason achievements ranging from $50,000 for making the NCAA Tournament to $500,000 for winning a national championship. Reaching the second round, the Sweet 16 and Final Four can also trigger pay raises.
The contract will include one-year rollovers for the first two NCAA Tournament appearances. It also includes a no-compete clause that would prohibit Calipari from accepting another job within the SEC.
“It’s an exciting day for the University of Arkansas and the state of Arkansas as we welcome Coach John Calipari as our new men’s basketball head coach,” UA athletics director Hunter Yurachek told trustees.
UA chancellor Charles Robinson also spoke to trustees.
“When I have walked the campus the past couple of days there has been a buzz in the air,” Robinson said. “I know there is a lot of excitement out on the campus about this hire.”
Yurachek, associate athletics director Matt Trantham and UA trustee Ted Dickey formed the search committee that hired Calipari. Dickey outlined the process to trustees.
“It was a weekend I will never forget and probably one our program will never forget, either,” Dickey said. “During the search process I learned…that in conversations with coaches across the country, they actually believe we have a top-10 program. I think most of us already believed that anyway.
“We really have an outstanding athletics director. Hunter is well respected, well connected and tireless.”
Calipari’s contract includes a buyout clause that would make the UA pay 75% of his remaining base salary if he is fired for convenience. Calipari would owe $6 million to buy out his contract and accept another job.
Trustee Kevin Crass praised the UA lawyers for getting “a complex document prepared” in a short amount of time.
“I also say thanks to the chair and whomever else was responsible for involving this board by sending this contract and allowing us to know the specifics so that we can exercise our role in the governance structure to approve it,” Crass said. “We’re all excited about it, but I’m proud of the fact that we have governed properly.”
Trustee Jeremy Wilson said Yurachek and Dickey spent “countless hours” working on the contract.
“Great leadership, great efforts and I think a lot of legacy building has occurred in the last few days,” Wilson said.
According to public documents, Calipari did not owe a buyout at Kentucky for accepting the Arkansas job. He was paid around $8.5 million at Kentucky, according to USA Today.
The $7 million base salary is second highest in college basketball behind Bill Self of Kansas, according to USA Today.
Prior to Calipari, Arkansas football coach Sam Pittman had the Razorbacks’ largest contract of $5.25 million annually, plus an average of $1.1 million in deferred compensation that is paid as a retention bonus.