Hours after Mike Woodson was officially introduced as the next head coach of Indiana’s basketball team, contract details for the new leader emerged.

Indianapolis Star reporter Zach Osterman had the details on Woodson’s deal with Indiana.

Per the report, Woodson and Indiana have agreed to a 6-year deal that will pay him approximately $3 million per year. The buyout for Woodson will be 100% of his remaining contract through the first four years and 50% of the guaranteed compensation for the final two years.

Woodson’s bonus incentives are $100,000 if the Hoosiers finishes in the Top 3 of the B1G, $85,000 for a Sweet 16 appearance and $100,000 if the team’s APR (Academic Progress Rate) score is above 950.

Indiana made the hire of Woodson official on Sunday night and introduced him as the next head coach on Monday morning. He replaces Archie Miller, who spent four seasons with the program and was fired following a 12-15 campaign in 2020-21.

The Hoosiers have not played an NCAA Tournament game since the 2015-16 season.