Skip Holtz gets contract extension

USF coach Skip Holtz has signed a contract extension through the 2017 season that will pay him $2 million annually, the school announced Friday.

Holtz is going into his third season with the Bulls, having gone 13-12 in his first two years. His previous deal was set to expire in 2014.

The school also announced a new six-year contract for men's basketball coach Stan Heath.

“We’re pleased to be able to extend both coach Holtz and coach Heath,” athletic director Doug Woolard said in a statement. “They’re great representatives for both USF and their respective programs. I have great confidence in the leadership they are providing and the future of both our football and men’s basketball programs.”

Should Holtz decide to leave USF before Dec. 8, 2013, he would have to pay a $1 million buyout. That number goes down to $500,000 if he decides to leave between Dec. 9, 2013 and Dec. 8, 2014.

There are also some pretty major incentives for Holtz should he reach certain benchmarks.

  • Winning BCS national championship: $500,000

  • Participating in BCS national championship game: $400,000

  • Winning conference championship and Big East representative in BCS bowl: $200,000

  • Selected for a BCS bowl game with at-large bid: $150,000

  • Selected for Russell Athletic Bowl: $50,000

  • Selected for any other non-BCS bowl: $25,000

  • Winning Big East Coach of the Year honors: $50,000

  • Final Top 10 ranking, in either AP or coaches' poll: $100,000