In December 2014, Billy Donovan signed a one-year contract extension to keep him in place as Florida's head coach through 2020, The Gainesville Sun's Kevin Brockway reports.
Donovan and Florida had previously added three years to a deal that ran through the 2015-16 season in March 2014, but that deal reportedly kept Donovan's salary "at about $3.5 million per year." Brockway, thanks to an open records request, has different details:
Under terms of the deal, Donovan’s base salary was $4.2 million in 2014-15. It will drop to $3.9 million next season and hold steady at $4 million per season from 2016-17 to 2017-20.
The bonus structure of Donovan’s contract will remain the same -- $50,000 for winning an SEC regular season title, $25,000 for winning the SEC Tournament and $37,500 for reaching the NCAA Tournament, which can increase to $75,000 for reaching the Sweet 16, $100,000 for reaching the Final Four and $150,000 for winning a national title. Donovan’s base salary from UF will remain $220,000, with the majority of his yearly salary coming from television, speaking and apparel deals.
Brockway also notes that Donovan's buyout remains a cool half-million dollars, but that "the veteran coach has a window from March 1 to April 1 to end the agreement without paying it."
Compensation of $4.2 million this year would rank Donovan fifth among NCAA Tournament coaches this season, per the USA TODAY Sports database of salaries, just ahead of Michigan State's Tom Izzo. (All four 2015 Final Four teams' coaches rank in the top 10 nationally in compensation.)
Donovan has annually been one of the highest-paid coaches in college basketball since signing an extension to remain with Florida after briefly leaving the Gators for the Orlando Magic in 2007, but his compensation has hovered in the $3.5 to $3.7 million per year range. Boosting him above $4 million per year represents a substantial raise, especially given that the four coaches making at least $5 million per year — Kentucky's John Calipari, Duke's Mike Krzyzewski, Louisville's Rick Pitino, and Kansas's Bill Self (who is about $45,000 from $5 million in compensation this year, per USA TODAY Sports) — are all at institutions most would term "basketball schools." Donovan's compensation dropping to $3.9 million and then rising again to $4 million should keep him either fifth among active coaches, or slide him back one spot to sixth behind Michigan State's Tom Izzo.
And given that he has more national titles in the last 10 years than any of those four coaches on the $5 million plateau — though two of them could add a second this weekend — Donovan getting paid almost a million dollars per year less than them, even considering the advantages of a lack of a state income tax in Florida, makes him a bargain for the Gators.
However, whether this extension makes Donovan any more likely to stay at Florida into 2015-16 or for the long haul is debatable. As Brockway notes, this was a deal agreed upon in the summer of 2014, and signed in December; it's news today because his open records request was returned. Donovan's extension through 2018-19, finalized in February 2014, was his first significant contract extension since an extension that ran through 2015-16 that was announced by Florida in December 2011.
Florida never announced Donovan's extension through 2018-19, though the timing of reporting on it was interpreted here and elsewhere as a response to renewed respect for (and interest in) Donovan, as his No. 1 overall seed Gators made their way to a fourth Final Four under his watch last March.