He's making 3.35 million per year.
Calipari's new contract signed through 2012-2013 : Tigers : Memphis Commercial Appeal
According to the new five-year deal, which was signed Friday night, Calipari will make $2.35 million annually in base salary. But the key part is a new, donor-funded longevity bonus that will total $5 million if he stays at Memphis through the 2012-13 season.
Previously, Calipari was set to receive a $2.5 million annuity at the end of the 2010 campaign, which would be his 10th in Memphis. That has been replaced by the new $5 million bonus, which Calipari will receive incrementally over the course of his new deal.
So essentially, Calipari will make $3.35 million per year guaranteed with the opportunity to make more through bonuses for things like player graduation rates and NCAA Tournament success. Florida's Billy Donovan is the highest-paid coach in the country at $3.5 million annually.
The contract also includes raises for assistant coaches and bonuses that would elevate them to among the highest-paid at their positions should Memphis reach future Final Fours.
Calipari said the new deal, in his mind, elevates the Memphis coaching job to one of the top five in the country "in every way."
..."We just said, this is what it is, and I said, 'Fine,'" Calipari said. "They made an offer and I said, 'That's good with me. There was no negotiation really.
"I'm appreciative of R.C. and the administration here to try to make this position -- and it's not me personally -- one of the best in the country. Now you're talking about a position that is one of five -- the position of head basketball coach at the University of Memphis. I was excited."