Lebo worked his first season with a signed preliminary aggreement and he did wonders with a team undersized and lacking enough depth to successfully compete in the SEC, however, his team was surprisingly competitive.
The contract will pay Lebo a base salary of $175,000 with the remainder coming from endorsement rights and radio and television agreements.
The contract also features several incentives to reward Lebo for the team's success. Lebo will receive the highest regular-season and post-season bonus after the season. There are also incentives for achieving the NCAA's academic success rate and for graduation rates.
The incentives include: $25,000 for an Southeastern Conference Western Division Championship; $50,000 for a SEC Regular Season Championship; $40,000 for an SEC Tournament Championship; $20,000 for an invitation to the NCAA Tournament; $40,000 for advancing to the NCAA Sweet Sixteen; $50,000 for advancing to the NCAA Tournament Elite Eight; $75,000 for the Final Four; and $100,000 for an NCAA National Championship.
"I'm elated to be the head basketball coach at Auburn University," said Lebo. "I appreciate the tremendous understanding and support that our basketball team received during a trying year. We laid the foundation for our basketball program this season. We have a good core of returning players and a good recruiting class to build for the future."
Lebo led Auburn to a 14-17 record in 2004-05, surpassing expectations with the shortest team in Division I basketball. Under his guidance, Auburn set the second-best mark in school history in three-pointers made and attempted.
One of his players, Toney Douglas was named freshman All-America and was only the fourth freshman in school history to be named to an All-SEC team, joining Charles Barkley, Mike Mitchell and Eddie Johnson.
"We're extremely excited about the direction of our basketball program under Jeff Lebo," said Jacobs. "He is an outstanding coach and great family man. He took over a difficult situation and exceeded expectations this season. The Auburn basketball program has a bright future under Jeff's leadership."
The contract includes two clauses, a buyout should Auburn choose to cancel the contract and a penalty clause should Lebo terminate the agreement. Auburn's buyout is $250,000 for each year remaining on the contract up to a maximum of four years. In addition, if more than four years are remaining, Lebo will receive his base salary for each year.
Should Lebo terminate the contract, then Auburn will receive the base salary times the number of years remaining on the contract.