Wes Miller's contract with the University of Cincinnati is a six-year deal worth just shy of $8 million.
Miller, who was officially hired as the 28th men's basketball coach in UC history on Thursday, will receive $1,250,000 in the first year and then an additional $25,000 in each of the following five years, according to a “Memorandum of Understanding” obtained Saturday by The Enquirer.
The contract has a total value of $7,875,000.
"I'm excited about leading one of the greatest programs in the history of college basketball," the 38-year-old Miller told The Enquirer on Friday. "That's a dream. I've been dreaming about that my entire life."
Miller's contract includes an annual base salary of $250,000. Miller, a Greensboro, North Carolina, native who spent the past 10 seasons as the head coach at UNC Greensboro, also will receive a car, an annual "Business Entertainment Allowance" budget of $10,000 and an annual golf club membership.
If Miller leads the Bearcats to an American Athletic Conference championship or the NCAA tournament, he will receive a performance bonus of $50,000. A Sweet 16 appearance will net Miller $100,000, while an Elite Eight berth will give Miller an additional $150,000.
If Cincinnati reaches the Final Four, something it hasn't done since 1992, Miller will receive $200,000.
A national championship would amount to an extra $300,000 for Miller, who went 185-135 with two NCAA tournament appearances at UNC Greensboro.
Miller will receive 75% of what remains on his contract if he is terminated without cause.
UC paid UNC Greensboro $325,000 to buy out Miller's contract.
Building a roster
Miller said his first priority as head coach at Cincinnati is to retain the players who are currently on the roster and bring back the players who have entered the transfer portal but have yet to commit to another school.
Mike Saunders Jr., who entered the portal last month, announced Friday that he will return to UC and play for Miller. Fellow guard Mason Madsen, who also entered the portal, did the same Saturday.
Miller's next target in the portal is 6-foot-8 forward Tari Eason, who earned a spot on the AAC All-Freshman team last season after averaging 7.3 points, 5.9 rebounds and 1.2 steals for the Bearcats. His 1.3 blocks per game ranked fourth in the American.
"We want Tari Eason," Miller told The Enquirer on Friday. "I've watched a ton of tape. I want to coach Tari Eason. I think the things that Tari Eason can do will fit really well into what we're trying to do here moving forward. I'd like to be able to go out and meet with him and his family. I'm working hard to set that up."
Sources told The Enquirer that Miller is traveling to Los Angeles this weekend to meet with Eason.