Tennessee announced Alabama defensive coordinator Jeremy Pruitt as its new head coach on Thursday.
Before the press conference, Pruitt and Tennessee signed a memorandum of understanding — an agreememnt between the two parties which details items regarding the contract and buyout.
The agreement lists Pruitt’s annual compensation, as well as benefits and incentives that he can earn for appearing in bowl games and winning championships. Pruitt can also receive additional compensation for appearing in polls, winning coaching awards and improving the Volunteers’ academic progress rate.
His maximum incentive compensation is $1.2 million.
Pruitt’s contract runs through Jan. 31, 2024. He will receive an annual base compensation of $275,000, as well as $3,525,000 in additional compensation payable from income earned through various broadcast, endorsement and consultation contracts.
Pruitt also will receive monthly expense, vehicle and housing allowances — and a one-time $35,000 moving allowance.
Tennessee has the right to terminate the MOU for cause.
All in all, Pruitt will make $4 million annually and will have a $6 million buyout which drops after each season:
Tennessee officially releases Jeremy Pruitt’s contract. It’s a six-year deal worth $4 million annually. Pruitt has a $6 million buyout which drops by a million after each season.
— Jesse Simonton (@JesseReSimonton) December 7, 2017
Here is a look at the memorandum of understanding between Pruitt and the Volunteers, courtesy of a post on Twitter by Saturday Down South’s Dan Harralson:
Jeremy Pruitt’s Tennessee MOU. pic.twitter.com/qatbi1UsNj
— Dan Harralson (@danharralson) December 7, 2017