North Carolina basketball introduced new coach Michael Malone on Tuesday, April 7, and it paid the former NBA champion a pretty penny to join the program.

Malone, the former Denver Nuggets coach that won the NBA Finals in 2022-23, agreed to a six-year deal with the Tar Heels to replace Hubert Davis, a former assistant coach and player. Malone is the first North Carolina coach since 1952 to not have prior experience as an assistant coach or player.

REQUIRED READING: Michael Malone hired as UNC basketball coach; former NBA champion replaces Hubert Davis

Malone has 510 career NBA wins as a head coach across stints with the Nuggets and Sacramento Kings. He was fired prior to Denver's playoff run last season, and has since been an NBA analyst for ESPN.

He'll be tasked with revitalizing a program that has failed to meet North Carolina's sky-high standards in recent years, as the Tar Heels are coming off back-to-back first-round NCAA Tournament exits. UNC blew an 18-point lead against No. 11 seed VCU in this year's March Madness.

Here's a look at Malone's contract with North Carolina, which makes him among the highest-paid coaches in college basketball:

Malone agreed to a six-year contract worth $50 million, which makes him believed to be the second highest-paid coach at a public university behind Kansas' Bill Self, according to the Fayetteville Observer. The deal runs through 2032.

He'll make $7.5 million in 2026-27, with his salary raising to $8 million in 2027-28 and $8.5 million for the three following years. Malone will also have an assistant coaches salary pool of $4 million.

Malone's contract also includes $1.475 million in single-season, incentive-based bonuses. Here's a look:

• ACC Coach of the Year: $50,000
• National Coach of the Year: $100,000
• Academic Progress Rate >975: $75,000
• ACC Regular-Season Championship: $100,000
• ACC Tournament Championship: $100,000
• NCAA Sweet 16 Participation: $150,000
• NCAA Elite Eight Participation: $200,000
• NCAA Final Four Participation: $200,000
• NCAA Tournament Championship: $500,000

Malone's buyout is set at $8 million, should he leave North Carolina or have his contract terminated before April 1, 2027. That number drops to $6.5 million in 2028, $5 million in 2029, $3.5 million in 2030, $2 million in 2031 and $500,000 in 2032, the final year of his current contract.

He will also receiver 80% of the total remaining amount of his contract if terminated without cause before April 1, 2032.

This article originally appeared on USA TODAY: Michael Malone contract, buyout: New North Carolina coach's salary