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Connecticut head coach Kevin Ollie gestures during the first half of an NCAA basketball game against AIC in Storrs, Conn., Thursday, Nov. 1, 2012. Connecticut won 78-63. (AP Photo/Jessica Hill)

HARTFORD, Conn. -- UConn has signed head coach Kevin Ollie to a 5-year approximately $7 million contract extension that will secure the 40-year old as coach through 2017-18 season.

Ollie has guided the Huskies to a 9-2 mark after taking over for Hall of Fame coach Jim Calhoun in September.  Ollie was initially given a seven month deal that was set to expire April 4th, but was extended just days before Big East play starts.

Ollie will make $1.2 million in 2013 when the extension kicks in with a base salary of $400,000 and $800,000 in speaking and engagement fees.  The speaking engagement fees will increase by $50,000 each year in the deal. Ollie will receive $1.25 million in 2014, $1.3 in 2015, $1.325 in 2016 and $1.34 in 2017. He will make $502,500 in 2018 annualized from Jan. 1-April 15.

A press conference is scheduled at 5 p.m. prior to UConn's game against Washington at the XL Center.

"Kevin moved gracefully and seamlessly into this position of immense responsibility over the course of the fall," University of Connecticut President Susan Herbst said in a statement. "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 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 student athletes as evolving young men and a dedication to academic progress. In these vital areas, Kevin will be a beacon of excellence. "

UConn athletic director Warde Manuel on Ollie:

"I am pleased to announce that Kevin Ollie will be our head men's basketball coach here at UConn for the long-term future," Manuel said. "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 ins interaction with administration, is 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."

Ollie's contract will have several performance bonuses and contract buyouts:

Bonuses:  Ollie will received a one month salary ($33,333) bonus 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; one month for advancing to the Final Four and two months for winning a national championship.  Ollie will also receive a half months salary for winning conference coach of the year honors.

Ollie will also receive a $10,000 for an annual NCAA APR score of 930 or above. A 4-year score of 950 or above will result in a one time payment of $50,000.

If the Huskies' APR score is below 930 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 APR below 930 could result in suspension without pay or termination of employment for just cause. Once the Huskies' APR has stabilized, Ollie's contract will revert to standard APR language that is in all of UConn's head coaching contracts.

Buyouts: Ollie and UConn have mutual buyout options with it decreasing from $3 million in 2013 down to $800,000 in 2015. The buyout is in effect if Ollie takes another college or professional coaching position.

Tags: Men's Basketball, UCONN
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