KNOXVILLE -- Tennessee men's athletic director Mike Hamilton has been "awarded" a more lucrative contract, according to a university release late Friday afternoon.
Hamilton's contract was extended from 2012 to 2014 in January, but specific compensation figures weren't released until Friday. As a result of that delay, Hamilton will receive a retroactive payment of $125,000.
The new contract will add up to at least $600,000 for 2009-10 and $525,000 in 2010-11, but various bonuses could result in a larger bump. He pulled in $339,575 this year, according to UT documents.
"Mike Hamilton continues to be an outstanding leader for the high-profile men's athletics department at the Knoxville campus," interim UT president Jan Simek said in a prepared statement. "He has had to make tough decisions in the last few years, and he has proven over and over the ability to meet or exceed expectations.
"This new agreement is a sign of our confidence in him."
Hamilton's base annual salary goes from $274,575 to $350,000 in the coming school year and to $400,000 in 2010-11. His annual supplemental compensation from media rights and appearances will rise from $40,000 to $90,000. His expense allowance will jump from $25,000 to $35,000, and his potential team performance and academic bonuses will double to $250,000.
"I want to express thanks to Dr. Simek for his expressed confidence in the job we're doing in athletics," Hamilton said in the release. "Our success is a team effort, made possible by tremendous university support as well as the tireless work done by our staff, coaches and student-athletes."
The athletic department earlier this week unveiled its "Tennessee Fund," an initiative scheduled to provide about $3 million annual to the university for the next decade. The department also claims to pay nearly $1.4 million annually for non-athletics-based scholarships and more than $1.1 annually for parking garage debt service. Plans to provide $1 million to the campus for the Student Success Center, the Tennessee Teaching and Learning Center and graduate student assistantships also were announced this week.
According to UT, athletic department donations rose from $19.5 million in 2003 to $42 million last year.
Major facilities upgrades -- including a multipart, $200 million renovation of Neyland Stadium -- have highlighted Hamilton's tenure. His zero-based budgeting model claims to keep at least a $7 million reserve at all times to keep UT in the select group of collegiate athletic departments that receive no funds from state subsidies or taxes.
"We're very proud of that," Hamilton said earlier this year.