John Calipari is becoming the University of Arkansas’ men’s basketball coach under a five-year contract that starts with a scheduled value of $38 million, according to a copy of the agreement obtained on Wednesday by the USA TODAY Network.

However, the deal will be automatically extended and Calipari’s pay will increase if the Razorbacks play in the NCAA Tournament.

Calipari announced on Tuesday that he was leaving the University of Kentucky after 15 seasons and a 410-122 record that including one NCAA championship and four Final Four appearances. He left behind a contract under which he was set to have basic annual compensation of $8.5 million for the 2024-25 season and $9 million for each the next four seasons.

John Calipari's Arkansas contract

The contract with Arkansas starts with Calipari set for basic annual compensation of $7 million, plus $500,000 retention payments that he would receive annually, beginning June 30, 2025. He also is scheduled to receive a $1 million signing bonus May 1. So, he is set to receive $8 million for his first year.

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If Calipari is fired without cause, he would be owed 75% of the remaining annual compensation left on the deal, not including the retention payments. Calipari would “not have an affirmative duty to mitigate" the buyout by finding another job, but Arkansas would be entitled to reduce its payments to Calipari by the amount of any subsequent “athletics-related” income he may have.

If Calipari terminates the contract to accept another coaching job, he would owe Arkansas $6 million. If he terminates the deal within a year, except for medical reasons, he also would have to repay the $1 million signing bonus.

However, the agreement states that Calipari cannot "seek or accept employment in any coaching capacity" with any other Southeastern Conference school for the entirety of the contract term, including any extensions, regardless of whether Calipari remains with Arkansas during that period of time.

Possible extension and pay increases for John Calipari

As for the automatic extensions and pay increases based that would take effect if Calipari leads the Razorbacks to the NCAA Tournament:

▶The contract would automatically extend by one year for each tournament appearance, with a maximum of two such extensions allowed.

▶If the team plays in the tournament, Calipari's pay for the following season and subsequent seasons would increase by the best one of:

--$50,000 if the team plays in the tournament

--$100,000 if it reaches the round of 32

--$250,000 if it recahes the round of 16

--$350,000 if it reaches the Final Four

--$500,000 it it wins the championship

Calipari will be able to get no more than a total of $1.25 million in these increases over the life of the contract.

The agreement has no provisions for Calipari to receive annual lump-sum bonuses. His contract with Kentucky included only one such bonus: $50,000 based on the team's NCAA annual Academic Progress Rate score.

Contributing: Jackson Fuller, the (Fort Smith, Ark.) Southwest Times Record