OXFORD — New Ole Miss men's basketball coach Chris Beard has signed a contract that will pay him $3,250,000 in his first season with the Rebels, according to a term sheet distrbuted to the media on Tuesday.

Beard's compensation will rise by $100,000 every year from 2024-26. Mississippi state law prevents Beard from signing a contract longer than four years with the university. Beard's state contract runs through 2026.

The terms include a $400,000 retention bonus if Beard remains under contract on May 1, 2026.

It also includes various bonuses related to performance, adademic progress rate and attendance. Beard would make $150,000 for an SEC regular-season title and $250,000 for a national championship.

Beard's salary would have ranked eighth in the SEC this season, according to data obtained by USA TODAY. Kermit Davis, the Rebels' previous coach, was due $3,152,500 this season.

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David Eckert covers Ole Miss for the Clarion Ledger. Email him at deckert@gannett.com or reach him on Twitter @davideckert98.

This article originally appeared on Mississippi Clarion Ledger: Here's how much Ole Miss basketball is paying new coach Chris Beard