South Florida will pay Skip Holtz slightly more than what Jim Leavitt was making, and the former East Carolina coach is now the second-highest paid coach in the Big East.
Holtz's deal will pay him $9.1 million over five years, with his salary increasing from $1.7 million the next two years to $2 million by the final year of the deal. Leavitt's salary this past season was $1.6 million, and he had a seven-year contract worth $12.6 million total.
The Bulls have added some protection in the contract, as Holtz would owe the school a $1 million buyout should he leave for another job or opportunity before Dec. 8, 2011. That buyout then decreases to $500,000 the following year and to $300,000 after Dec. 9, 2012.
He has been allowed a pool of $1.55 million to pay assistants, which is about a $100,000 more than what Leavitt had to work with.
South Florida hopes to be paying one clause of Holtz's contract: his $100,000 bonus for winning a Big East title.
Holtz will have his official introductory press conference today at noon in Tampa.