Newly named Vols head football coach Jeremy Pruitt will make $3.8 million per year under a six-year contract, according to the memorandum of understanding released by the University of Tennessee.

Pruitt's contract runs through Jan. 31, 2024. His base salary will be $275,000, with additional annual compensation of $3.525 million for broadcast, endorsement and consultation contracts.

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Jeremy Pruitt introductory news conference_1512701729168.png
Coach Jeremy Pruitt speaks during his introductory news conference as UT's head football coach on Thursday, Dec. 7, 2017.

If he's fired without cause, the university will owe Pruitt 60 percent of his remaining salary as a buyout.

MORE: Pruitt wants Tennessee football to be feared again

If Pruitt leaves UT before Dec. 15, 2018, he will owe UT $6 million. That number decreases by $1 million per year until 2022.

Pruitt can earn several performance-based bonuses if the Vols win the SEC East, the SEC Championship or a national title, among other performance marks. He stands to receive $100,000 if the team appears in the SEC Championship game, and $300,000 if the Vols win the SEC Championship.

Pruitt will get a $100,000 whenever the Vols play in a bowl game, $300,000 for appearing in a College Football Playoff semifinal game, $400,000 for appearing in the CFP Championship game and $500,000 for winning a National Championship.

The maximum he can earn in incentives per year in $1.2 million.