As we learned earlier on Saturday afternoon, UConn Huskies head men's basketball coach Kevin Ollie has received a five-year extension of his contract from the school.
According to the acceptance letter Ollie signed, he will receive almost $7 million over the life of the deal.
Here's the full release from UConn:
HARTFORD, Conn. – The University of Connecticut and head men's basketball coach Kevin Ollie, a 1995 UConn graduate, have come to a new agreement that will run from January 1, 2013 through April 15, 2018. The agreement covers the remainder of this season and the next five seasons. Ollie, who in his first season as the head coach at Connecticut, was previously working on a contract that runs through April 4, 2013. This new agreement replaces the old contract.
Ollie became the 18th head coach in UConn men's basketball history on Sept. 13, 2012, when he replaced retired Hall of Famer Jim Calhoun. He has led UConn to a 9-2 record this season entering Saturday night's game vs. Washington, including a win over Michigan State on Nov. 9, ranked 14th in the country at the time of the game.
"Kevin moved gracefully and seamlessly into this position of immense responsibility over the course of the fall," said University of Connecticut President Susan Herbst. "He demonstrated to all of us that he is a genuine leader of extraordinary talents. The first time I met Kevin, I could tell that he was a special person, with proper perspective on life and on basketball. He will win and he will represent us well, everywhere he goes. As a university president, I think he has what matters most — a commitment to our students-athletes as evolving young men and a dedication to academic progress. In these vital areas, Kevin will be a beacon of excellence."
"I am very pleased to announce that Kevin Ollie will be our head men's basketball coach here at UConn for the long-term future," said UConn Director of Athletics Warde Manuel. "I spent a tremendous amount of time with Kevin since I came to UConn last year and even more time with him since he became our head coach. I am incredibly impressed with the way Kevin has led our program and his interaction with the administration, his coaching staff, the student-athletes and our donors and fans. His team has performed incredible on the floor and in the classroom. All these factors contributed to my thinking that the time was right to come to this agreement with Kevin."
"I am happy to be the head coach at Connecticut for an extended period of time," said Ollie. "As I said in my first press conference, I want to be here for a lifetime and this is a step, hopefully a great step, in the program moving forward. I am very excited and thankful for this opportunity."
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Ollie will receive a base salary of $400,000 per calendar year and for 2013 he will receive $800,000 for institutional speaking engagements and media related appearances for a total of $1,200,000. The payment for institutional speaking engagements will increase by $50,000 each year. Ollie's total compensation for each year of the agreement will be: 2013-$1,200,000; 2014-$1,250,000; 2015-$1,300,000; 2016-$1,325,000; 2017-$1,340,000; 2018-$502,500 (annualized from Jan. 1-April 15).
Ollie will receive the following payments for postseason performance: one month of annual base salary ($33,333) for winning a conference regular season championship; one month for winning a conference postseason tournament; one month for participating in the NCAA tournament; one month for reaching the Regional Semifinals of the NCAA tournament; one month for advancing to the NCAA Final Four; and two months for winning the national championship. Ollie will also receive a half month salary bonus ($16,666) for being named a national or conference coach of the year.
Ollie will receive a payment of $10,000 for an annual NCAA Academic Progress Rate (APR) score of 930 or above in a single year. A four-year APR score of 930 or above will result in a one-time payment of $50,000.
In the event that the UConn men's basketball APR score is below the 930 standard for an academic year, there will be no postseason payments and a financial sanction could be imposed in the form of withholding payment of the equivalent amount of two weeks compensation of base salary. Two consecutive years of an annual APR score of below 930 could result in a suspension without pay or termination of employment with just cause. Once the four year APR score for the men's basketball team reaches 930, the APR language in the contract will revert to the standard APR language in all UConn head coaches' contract.
In the event that Ollie accepts a position during the term of this agreement as the head coach or assistant coach at any other NCAA Division I team or professional team, he will owe the following to UConn: $3,000,000 in 2013; $2,000,000 in 2014; $1,000,000 in 2015; $800,000 in 2016 and 2017. The same will be owed to Ollie by UConn if the agreement is terminated for any reason other than just cause.
Ollie's UConn history — which began in the fall of 1991 when he reported to school as a freshman from Los Angeles, continued through four successful seasons including two as a Husky team captain, and resumed when he returned to join Calhoun's coaching staff following a 13-year NBA career — has come full circle.
Ollie took over one of the top college programs in the country this fall after just two seasons as an assistant on Calhoun's staff, but possessing a wealth of basketball knowledge after learning from some of the finest teachers to ever coach the game. Ollie first came to UConn more than 20 years ago, coming out of Crenshaw High School in Los Angeles. Playing on some of Calhoun's finest teams during the mid-1990s, Ollie was a four-year starting point guard and a two-time captain.
He played in 124 games for the Huskies, averaging 6.7 points and 5.0 assists. A third team All-BIG EAST pick, his 619 assist total still ranks third on UConn's all-time list. During his four-year UConn career, the Huskies had a record of 92-33, 51-21 in the BIG EAST Conference and made three NCAA Tournament appearances. During Ollie's last two seasons, when he served as a team captain, UConn's record was 57-10 overall and a dazzling 32-4 in the BIG EAST, capturing two BIG EAST regular-season championships, and reaching the NCAA Sweet 16 and Elite Eight, respectively.
During a 13-year NBA career, Ollie played for 11 different franchises in 12 cities and learned from 15 different NBA coaches. It was apparent that Ollie would eventually become a coach.
Ollie couldn't have had a more successful debut season to his coaching career, as he helped guard Kemba Walker produce one of the most spectacular individual seasons in UConn history in leading the Huskies to the program's third national championship. Last year culminated in another NCAA appearance and another UConn guard, Jeremy Lamb, drafted as an NBA lottery selection.
Born in Dallas on Dec. 27, 1972, and raised in Los Angeles, Ollie resides in Glastonbury with wife Stephanie, who is also a UConn grad (`97), and their two children, son Jalen, 16, and daughter Cheyenne, 11.
photo credit: michael mcandrews – hartford courant