Ollie signed a 5 year, $15 million deal with the school on Thursday that will begin with $2.8 million deal in 2014-15 and increase to as high as $3.2 million in his final year.
Ollie has a $5 million buyout and it reduces by $1 million every year of the deal.
Ollie does have different buyouts for NBA and college jobs however. After two seasons, Ollie's buyout to go to an NBA job is $1 million. If he leaves for a college job, it's is $3 million (See Article 11.2).
Ollie, 41-years old, was generating a lot of NBA talk with the Cavaliers reportedly reaching out to gauge his interest.
Here's the video on the Dan Patrick Show.