The "When will Billy Donovan sign his contract?" saga is finally over.
Donovan finally signed his six-year contract on Friday, 16 months after deciding to remain at UF, multiple media organizations reported.
UF spokesman Fred Demarest did not return phone calls.
The deal will be worth more than $19.5 million before incentives and runs through the 2012-13 season.
Donovan, who is 285-115 in 12 seasons at UF, left the Gators in May 2007 to coach the Orlando Magic before changing his mind and returning to Gainesville a few days later.
The Magic had given Donovan a five-year, $27.5 million deal to leave the Gators before he reconsidered things.
This made for a sticky situation because UF had already started plans to hire Virginia Commonwealth coach and former UF coach Anthony Grant.
Donovan's pay will rise annually, beginning at $3.1 million this season and bumping up to $3.4 million for the 2012-13 season.
If he is fired, he would receive a $2.5 million buyout for each year still remaining on the contract. That's a jump of 1.5 million from Donovan's old contract.
If the deal is terminated by Donovan, he would have to pay up to $500,000 to the University Athletic Association.
There is, however, a window from March 1 to April 1 each year, in which either party can terminate the contract without cause and not have to pay those buyout amounts.
It also has a provision that Donovan must require written permission of UF athletic director Jeremy Foley before exploring any employment with any other school or pro team.
Donovan's possible incentives include a wide range of possibilities: $25,000 for making the NCAA Tournament or earning Southeastern Conference Coach of the Year honors, $50,000 for a top-10 finish in the AP poll, winning the regular-season SEC championship, reaching the Sweet 16 or being named National Coach of the Year, $100,000 for making the Final Four or as much as a $250,000 bonus if the Gators win a national title.
A big part of Donovan's salary comes from payment for all of his different obligations to the school including his Nike apparel contract, camps, TV and radio, the school's Web site, Gator Clubs, speaking engagements and autograph sessions.
There had been controversy over why the contract took so long to be signed, but both Donovan and UF athletics director Jeremy Foley insisted the deal would get done.
