New UT football coach Butch Jones and athletics director Dave Hart
New UT football coach Butch Jones has agreed to a six year, $18.2 million dollar contract. It's a bump in pay for the position, previously held by Derek Dooley, by a few million dollars.
According to the Memorandum of Understanding between UT and Jones, which is a precursor to a formal contract, Jones will be paid $3,450,000 in his first year on Rocky Top. That includes a $500,000 dollar signing bonus.
After that, he will be paid $2,950,000 a year through the 2017-2018 season. That amount includes a base salary of $245,000 and supplements worth more than $2,705,000. Jones will not get an annual raise during the contract term.
However, winning on the field will mean more money for the new coach. An SEC championship would net Jones $150,000. A national championship is worth $500,000 to him. There are also anumber of smaller bonuses available for other benchmarks.
UT will also pay the University of Cincinnati $1.4 million dollars to buy out Jones's contract there. Add that to his contract, and UT is spending nearly $20 million dollars to hire him away from the Bearcats.
And while everyone is thinking positive right now, what happens if things don't work out between Jones and the Vols? UT administrators chose to reduce the amount it will cost them to fire Jones. Dooley's was $5 million dollars; it will cost UT roughly $2M per contract year remaining if they show Jones the door at any point in the deal.
If Jones decides to leave UT, he could end up having to pay the university between $2 million and $4 million dollars.
For some perspective, Jones will make hundreds of thousands of dollars more in each year of his contract than Dooley would have made in 2016, the last year of his contract. That was worth $2.4 million dollars.
Jones also gets a few other bonuses with his UT deal. Each year he'll receive $10,000 for camp and two vehicles, or an $800 stipend per vehicle per month if he doesn't take the vehicles. Plus, Jones will get football game season tickets, including a suite at Neyland and other university benefits.
An additional one-time payment in the amount of $40,000 will go to Jones for moving expenses to relocate to Knoxville.
Click here to view the Jones' full press conference.