FAYETTEVILLE -- Eric Musselman's contract with Arkansas pays him just less than his predecessor, but it is full on incentives.

The Razorbacks' new head coach received a five-year deal worth $2.5 million annually, according to the offer letter released by the school.

Even though that is $50,000 less than what Mike Anderson made this past season at Arkansas, it is 2.5 times what Musselman was making at Nevada as the highest-paid coach in the Mountain West Conference.

Musselman's contract also includes incentives that could push his annual salary ahead of Anderson's final year.

For his first two NCAA Tournament appearances will come with a one-year extension and $100,000 raise. As Musselman takes the Razorbacks further into the NCAA Tournament, his raises increase.

His first appearance in the Sweet 16 - which Arkansas hasn't reached since 1996 - would kick in a $250,000 raise, while a Final Four appearance is worth a $350,000 raise and a national championship gives him a $500,000 raise. Those are non-cumulative.

Additional bonuses Musselman can earn include $100,000 each for an SEC regular-season and tournament championship, $25,000 for an SEC Coach of the Year honor and $50,000 for a National Coach of the Year honor.

If Arkansas makes the NCAA Tournament more than twice, instead of getting a raise, Musselman will receive a $100,000 bonus. That increases to $250,000 with his second trip to the Sweet 16, $350,000 with his second trip to the Final Four and $500,000 with his second national title.

On the academic side, Musselman has the opportunity to earn a $25,000 bonus if at least 90 percent or players graduate the same year, or earlier, in which they exhaust their athletic eligibility. That dips to $12,500 if it is between 80 and 89 percent.

Also included in the contract are the buyouts for both parties.

Arkansas would owe Musselman 70 percent of his remaining contract if it fires him for convenience (without cause). That would be about $5.25 million after his second year and $3.5 million after his third year, barring any raises or extensions.

For Musselman to leave the Razorbacks before April 30, 2021 (after his second season), he would owe the school $5 million. After his third year, the buyout for him to leave drops to $1.5 million, and for two years after that, it's $1 million. For him to leave any time after May 1, 2024, Arkansas would be owed just $700,000.

Arkansas has agreed to pay up to $1 million for Musselman's buyout at Nevada.

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