UT releases new details about Rick Barnes' $26 million dollar contract

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KNOXVILLE, Tenn. (WVLT) --- The University of Tennessee has released new details about head basketball coach, Rick Barnes' contract with the school.

According to 'VolQuest, Barnes has signed a contract with the university that will pay a guaranteed $26 million dollars over the next five years. During his first year he will earn $4.7 million and $5.7 million the following years.

Other details of the contract include the following:

• $400,000 bonus win or shares the SEC regular season title
• $200,000 for reaching the NCAA tournament
•$1 million dollar bonus for making the Final Four
•If his team finishes in the Top-25, Barnes will receive $100,000.
•Use of an private plane for 10 round trip flights in the continental United States for each year of his contract

If Barnes decides to leave UT, he would owe the University $1 million for each remaining year in his contract.