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Dan Hurley is not going anywhere anytime soon.

The 2024 Naismith Coach of the Year signed a new contract with UConn Monday that will keep him in Storrs, Connecticut through the 2029-2030 season. It was first reported by CBS Sports' Jon Rothstein.

"It's an honor to coach basketball at UConn and to represent this world class institution and the great state of Connecticut," Hurley said in a statement. "We are extremely proud of the championship program that we have rebuilt for our supporters and fans. We will continue to obsessively pursue championships and historic success, while continuing to develop great young men. Bleed Blue!"

REQUIRED READING:Dan Hurley staying at Connecticut after meeting with Los Angeles Lakers about move to NBA

Hurley's new contract with UConn comes one year after he signed a six-year, $32.1 million contract extension following the Huskies first of two back-to-back national championship titles. It also comes less than a month after turning down a six-year, $70 million contract to coach in the NBA for the Los Angeles Lakers.

"On behalf of UConn Nation, we are thrilled that Coach Hurley will continue to lead the Men's Basketball program for the foreseeable future," UConn Director of Athletics David Benedict said in a statement. "Dan and (his wife) Andrea have poured themselves into the rebuilding of this program that culminated in the last two National Championships.

"This contract is recognition for the immense amount of effort that went into producing those results and the dedication it will require to sustain a program that expects to compete for conference and national championships in the future."

Since taking over the Huskies program in 2018, after six seasons at the University of Rhode Island, Hurley has returned the UConn program back to its winning ways from the late 1990s and early 2000s. He led UConn to back-to-back national championships this past season by defeating Purdue 75-60, giving the Big East its fifth national title in the last 10 years — the most out of any conference in that span.

He is 141-58 overall record in six seasons at UConn, which includes two national championship titles and a Big East Regular Season and Tournament title.

Here's what you need to know about Hurley's new contract at UConn, including buyout details:

Dan Hurley contract details at UConn

• Length: Six years
• Total Salary: $50 million
• Base Salary: $400,000

As noted in the contract of Hurley's new deal with UConn that was provided to the USA TODAY Network by the university, Hurley's new contract with the Huskies is for six-years/$50 million.

Using USA TODAY Sports' database, which includes figures for coaches at public colleges and universities, Hurley's Annual Average Value (AAV) of $8.33 million will put him as the second highest-paid coach in college basketball only behind Kansas' Bill Self. His $7.775 million 2024 salary puts him third behind self and Arkansas' John Calipari, who is entering his first season with the Razorbacks with a $1 million signing bonus.

While Hurley ranks third amongst public college and university coaches, a feat of its own for a school like UConn that doesn't compete in a Power Five conference, it does go against Connecticut Governor Ned Lamont's word of making Hurley the highest-paid college basketball coach in the country after he turned down the Lakers job. Prior to his new deal, Hurley was No. 7 amongst the highest-paid coaches in college basketball at a public college or university.

Based on USA TODAY Sports' annual databases of football and men's basketball coaching contracts, Hurley's new contract with UConn is one of the largest single-year increases to recurring annual total compensation given to an incumbent coach, i.e. a coach who did not change employers.

He will receive a base salary of $400,000 per year, with the remainder of his AAV coming through additional compensation for speaking, consulting and media obligations and a retention bonus (Nov. 15) of $1 million per year. His compensation for speaking, consulting and media obligations for the 2024-25 season will be $6.375 million. The $6.375 million in compensation for speaking, consulting and media obligations will increase each year — with it rising to $7.45 million by the end of his contract in 2030.

UConn mentioned that increases in Hurley's new contract along with other program investments will come from the Athletic Department's Husky Athletic Fund and increased ticket sales revenue.

Here are the incentives that Hurley would receive based on the Huskies' performance in the regular season and postseason per his contract:

• Big East Regular Season Champions (solo or shared): $50,000
• Big East Tournament Champions: $50,000
• NCAA Sweet 16 Appearance: $50,000
• NCAA Elite Eight Appearance: $125,000
• NCAA Final Four Appearance: $250,000
• NCAA National Championship Appearance: $500,000

Dan Hurley buyout details

Here's what Hurley's buyout would be year-by-year if he left UConn for another Division I college job:

• May 1, 2024 to March 31, 2025: $6 million
• April 1, 2025 to March 31, 2026: $4 million
• April 1, 2026 to March 31, 2027: $3 million
• April 1, 2027 to March 31, 2028: $2 million
• April 1, 2028 to March 31, 2029: $1 million
• April 1, 2029 to April 30, 2030: $0

Here's what Hurley's buyout would be year-by-year if he left UConn to take a head coaching job in the NBA:

• May 1, 2024 to March 31, 2025: $2 million
• April 1, 2025 to March 31, 2026: $1.5 million
• April 1, 2026 to March 31, 2027: $1 million
• April 1, 2027 to March 31, 2028: $0
• April 1, 2028 to March 31, 2029: $0
• April 1, 2029 to April 30, 2030: $0

USA TODAY Sports' Steve Berkowitz contributed to this article.