Donovan signs 3-year contract extension
Published: Friday, December 16, 2011 at 12:30 p.m.
Last Modified: Friday, December 16, 2011 at 5:04 p.m.
In 16 years, Florida coach Billy Donovan has built a consistent, winning basketball program.
Donovan, 46, was rewarded for both his loyalty and his performance on Friday after signing a three-year contact extension.
The extension from Donovan’s existing six-year deal locks him up until the end of the 2015-16 season. The school announced that financial terms of the contract will be the same as the six-year contract Donovan signed in 2007. That places the value of the extension between $10 million and $10.5 million, depending on incentives.
“Billy Donovan has built one of the elite programs in the country at the University of Florida,” UF Athletic Director Jeremy Foley said in the statement. “He and has family have given 16 incredible years to this institution and community. His accomplishments speak for themselves, but he’s also achieved success with integrity, character and loyalty. We’re thrilled that he will continue to lead our program for years to come.”
Donovan has led Florida to two national titles, three Final Four appearances and 11 NCAA Tournament appearances in 15 seasons. He is Florida’s all-time winningest coach, with a career record of 402-169 overall and 367-149 at Florida.
Under terms of the extension, Donovan will receive an annual base salary of $220,000 from 2014-17 with $2,670,270 paid each year as part of an activities agreement that includes television and radio programs/sponsorships, speaking engagements and basketball camps.
Donovan’s incentives will remain the same — $50,000 for a Southeastern Conference regular season championship, $25,000 for being named (AP) SEC coach of the year, $25,000 for an SEC Tournament championship, $50,000 for winning AP national coach of the year and $50,000 for an AP top 10 finish. Donovan gets a one-month base salary bonus for graduating 60 percent of his players and a 10 percent base salary ($22,000) bonus for graduating 80 percent of his players.
In addition, Donovan would receive a $37,500 bonus for reaching the NCAA Tournament, which increases to $75,000 if the Gators reach the Sweet 16, $100,000 if the Gators reach the Final Four and $250,000 if the Gators win a national championship.
Donovan’s annual loyalty bonus in the contract will reduce from $500,000 following the 2012-13 season to $340,000 following the 2014, 2015 and 2016 seasons. In addition, the one-month window from March 1 to April 1 remains for both sides to terminate the deal without cause. But outside of that window, Donovan would have to pay a $500,000 buyout to leave the contract, or UF would have to play Donovan $2.5 million if he was fired without cause.
As an amendment to the deal, Donovan would not be paid for the length of any SEC or NCAA suspension he incurs. The SEC suspended former Tennessee coach Bruce Pearl eight games last season for failing to cooperate with an NCAA inquiry. During that period of time, Pearl’s contract was voided. Pearl was eventually fired last March and received a three-year show cause as part of NCAA sanctions against the Vols’ basketball program.