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Oregon locks up Chip Kelly

Oregon fans who might be worried that coach Chip Kelly was going to become a hot coaching prospect at season's end can relax. He's now locked in as the Ducks' coach after signing a contract extension that runs through the 2015 season.

It's a six-year deal that includes $20.5 million in guaranteed money, though there are also numerous incentives in the contract that will bolster Kelly's pay. As it is, averaging $3.42 million over the next six years means Kelly's salary will rank second in the Pac-10 -- behind USC's Lane Kiffin -- and will rank among the highest paid coaches in the nation.

The Eugene Register-Guard reported that the pay would escalate like this: $2.4 million in 2010, $2.8 million in 2011, $3.5 million in 2012, $3.8 million in 2013 and $4 million in 2014 and 2015.

So the next time you're having beers with Kelly: He's buying, particularly in 2014-15.

Kelly made just over $1.8 million in 2009.

If Kelly does want to leave, it's going to cost him because his buyout is significant: $4 million if he left after the first year of the agreement. The buyout gradually reduces by $250,000 each subsequent year until remaining at $2 million following the sixth season of the deal.