Oklahoma football: Brent Venables will make $7.2 million annually

Details of new Oklahoma football coach Brent Venables compensation package were released on Friday.

Venables has agreed to a six-year contract that will pay him an average annual salary of $7.25 million, according to a document released by the university and reported by The Oklahoman newspaper and other news outlets.

The contract still must be approved by the Oklahoma Board of Regents, and the terms could still be modified, but generally speaking it is expected to be approved.

The 50-year-old first-time head coach will receive $7 million the first year, and it will increase from there.

According to the document released by the school, Venables will receive a base salary of $325,000 with “additional and outside income unrestricted private funds,” which will add another $6,075,000 annually. His salary will increase by $100,000 every year through Jan. 31, 2028.

The contract is believed to be one of the largest ever for a first-time college football head coach.

The agreement also includes a $400,000 bonus for winning the national championship. Additional bonus incentives could be part of the final agreement approved by the Board of Regents

There was no mention of a buyout clause in the document released by OU.

Venables, formerly the defensive coordinator at Clemson for the past 10 seasons, was hired on Sunday to replace Lincoln Riley, who left Oklahoma for USC after serving five seasons as the Sooners’ head coach.

Riley was making an average salary of  $7.7 million at Oklahoma. His buyout from his OU contract was $4.2 million, which USC agreed to pay. The former Sooner head coach. Riley’s new contract at USC is reported to be worth $110 million.