Kentucky Wildcats head men's basketball coach John Calipari received a seven-year, $52.5 million contract extension on June 5.
Kentucky Wildcats head men's basketball coach John Calpari signed a seven-year contract extension on June 5.
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The Wildcats issued a press release on Calipari's extension on their official athletics website:
"University of Kentucky men's basketball coach John Calipari, who led the Wildcats to the school's 16th NCAA Final Four appearance last season, has been rewarded with a new seven-year contract, UK Directof of Athletics Mitch Barnhart announced Thursday.
"'Basketball has long been the marquee sport at the University of Kentucky,' Barnhart said. 'It's a sport that the traditions of this university and this state have been founded on. They were developed and sort of started from the get-go by Adolph Rupp and through many good people since.'
"'What Cal has done is returned us to those glory days of Final Fours and championship efforts, great players, and all along he's helped young people understand the responsibility of going to class, of the commitment to each other and to a program that has as rich of a tradition as this one does.
"'It has long been our goal over the last three to five years that Cal enjoy this as his final stop in coaching and that he has an opportunity to finish his career at the University of Kentucky and hopefully set standards and win championships that will be remembered for many, many years to come.'"
Calipari said he "has the best job in the country," per the same update.
"I'd like to thank Mitch (Barnhart) and (UK president Eli) Dr. Capilouto for their commitment to me, my family and the basketball staff. I've said over and over that I have the best job in the country. With the continued support from our administration and the greatest, craziest fans in college basketball, we have accomplished a lot in over five quick years, but we still have lofty goals for the future.
"We want to continue to help young people and their families reach their dreams, while at the same time maintaining our success on the basketball court, in the classroom and in the community."
Calipari's deal is worth $52.5 million, according to The Lexington Herald-Leader.
"University of Kentucky men's basketball coach John Calipari has signed a new seven-year contract with the Wildcats, Athletics Director Mitch Barnhart announced Thursday night.
"Calipari led the Wildcats to the school's 16th NCAA Final Four appearance last season. The new contract guarantees Calipari $52.5 million if he completes the seven-year deal, which begins with the 2014-15 season and runs through 2020-21. In addition to retention pay, it offers potential bonuses only for his team's academic performance.
"Calipari's original contract signed with Kentucky upon his arrival from Memphis in 2009 paid him $31.65 million over eight years. That contract has been amended twice previously since then.
"Calipari is guaranteed compensation of $6.5 million in the first year of the contract, which gradually escalates with yearly totals of $7 million, $7.25 million, $7.75 million and, in the final three years, $8 million each season.
"The contract is built on three basic forms of compensation: base salary, media/endorsments and retention. the base salary is a standard $400,000 eah season. The media/endorsements payments rise from $4.5 million per year to $5 million per year over the course of the contract. The retention pay rises from $1.6 million to $2.6 million."
In his five seasons at Kentucky, Calipari has posted a 152-37 (.804) win-loss record. He has also guided the Wildcats to four Elite Eights, three Final Fours, two national title game appearances and the 2012 national title, per the univesity's official athletics website.
Calipari began coaching in the NCAA ranks in 1988. He has had stints with the Massachusetts Minutemen, Memphis Tigers and Kentucky Wildcats. His overall win-loss record stands at 597-177 (.771) through June 5, per Sports-Reference.com.
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