Florida State men's basketball coach Leonard Hamilton agrees to 5-year extension

Florida State has locked down men's basketball coach Leonard Hamilton for the foreseeable future with a contract extension.

Florida State will announce Monday that Hamilton and the university have agreed to a five-year contract extension worth $11.25 million in guaranteed money, retroactive to when his previous contract expired in April 2020, according to a person within the athletic department with knowledge of the deal. 

The 72-year old coach, who is on the verge of a second consecutive ACC regular-season championship, will be at Florida State until he's 76 with this new deal.

His previous contract originally expired last year but continued at the same rate on a month-by-month basis until the extension was agreed to per documents obtained by USA Today Sports.

Hamilton's annual salary of $2.25 million remains the same as it was previously on this new deal. It also remains an extremely bonus-laden deal with potential incentive bonuses of up to $2.675 million. That's one of the largest potential bonuses in the country with the chance to more than double his annual income.

With Florida State's recent success, Hamilton has collected on a number of these bonus. This list of bonus includes $150,000 for winning the ACC regular-season championship, $200,000 for making the NCAA Tournament, $225,000 for making the Sweet Sixteen and $250,000 for making the Elite Eight.

The largest potential bonus stands at $500,000 for winning the NCAA Championship.

While Hamilton has collected a number of these bonus of late with Florida State's extended success, his base salary remains one of the biggest bargains in college basketball. His $2.25 million base salary is 52nd-highest among college basketball coaches and ninth-highest among ACC coaches.

The Seminoles won the program's first ACC regular-season championship last year and are positioned to potentially repeat as ACC Champions this season. Since the start of the 2018-19 season, Florida State is 69-17 (.802) overall and 39-12 (.765) in ACC play, both second to Virginia among ACC programs.

Follow Curt Weiler on Twitter @CurtMWeiler.