FAYETTEVILLE, Ark. — Arkansas basketball made things official Wednesday by announcing John Calipari as the program's 14th head coach.

According to the contract obtained by USA TODAY Sports, Calipari signed a five-year deal that runs through 2029 with the Razorbacks. There is also a maximum of two automatic rollover years for NCAA Tournament appearances that would extend the contract to 2031.

Below is a look at more details from Calipari's contract with the Hogs.

John Calipari's salary with Arkansas basketball

Calipari will have a starting salary of $7 million per year. He also receives a $1 million signing bonus and features retention bonuses of $500,000 each year of the contract.

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The salary maintains Calipari's standing as the second-highest-paid coach in college basketball, according to a database compiled by USA TODAY Sports. Private schools are not included in the database.

The contract also makes Calipari the highest-paid coach in the history of Arkansas athletics, surpassing Sam Pittman. It's nearly double Eric Musselman's $4.2 million compensation during his final season with the Razorbacks.

Calipari's potential salary increases through the NCAA Tournament

Calipari could make a significant amount of money if he guides the Razorbacks deep into March Madness. Below is a look at all how Calipari could increase his compensation amount based off on-court achievements.

• $50,000 in the event Arkansas appears in the NCAA Tournament.

• $100,000 in the event Arkansas advances to the Round of 32.

• $250,000 in the event Arkansas advances to the "Sweet Sixteen".

• $350,000 in the event Arkansas advances to the "Final Four".

• $500,000 in the event Arkansas wins the national championship.

Calipari and Arkansas' buyouts

If Arkansas were to terminate Calipari's contract early, the head coach would be owed 75% of his remaining salary and other compensation.

Arkansas was able to hire Calipari away from Kentucky without having to pay a buyout, but the Hogs included one for Calipari if he were to leave for another school. The buyout if Calipari terminates his contract early is $6 million.

A non-compete clause in the conference

In another change from Calipari's contract with Kentucky, the new Arkansas coach signed a non-compete provision regarding Calipari's inability to leave for another job within the SEC.

Conference rivals won't have the same opportunity Arkansas did to poach Calipari from within the league. Additionally, Calipari agreed to not contact or seek to recruit any high school junior, senior, or rising junior college athlete Arkansas had already contacted for a minimum of one year from a termination.

Notable benefits for Calapari

During the term of his contract, Calipari will be entitled to club memberships at either The Blessings or at Fayetteville Athletic Club, provided that such memberships are made available to the University of Arkansas for the benefit of its coaches.

Calipari will also be furnished with the use of two loaned vehicles similar in make and model to vehicles loaned to other head coaches at the university. Finally, Calipari will receive 10 complimentary tickets to each home basketball game and five complimentary tickets for all other Arkansas home sporting events.

This article originally appeared on Fort Smith Times Record: John Calipari contract: Salary, full terms with Arkansas basketball