The contract runs from March 24, 2017 to April 14, 2022, a standard five-year term for a college coaching contract. Jones will make $250,000 per year in base salary, along with a $750,000 talent fee.
In an extension signed in October of 2016, Jones's predecessor, Cuonzo Martin, was set to average $2.11m per year over the course of the extension, which lasted through April 14, 2021 (Martin received a talent fee of $1.29M for the period of April 15, 2016-June 14, 2016, as a supplement to his initial contract, and then was due to be paid a talent fee of $1.65M from June 15, 2016, through April 14, 2017, before making talent fees of $1.59M per annum in years 2-5 of his extension).
Should Jones be terminated without cause, he will receive 100% of his base salary and talent fee, for the remainder of the term of the contract, as a buyout. Unlike Martin, Jones's contract does not include retention bonuses.
Should Jones terminate the contract before his term is up, 100% of his talent fee and base salary will be paid back to the University "in substantially equal monthly installments during what would have been the remaining term of his contract had it not been terminated," though that buy-out can also be made sooner, with no pre-payment penalty.
Jones will receive $20,000 if Cal wins or is the co-champion of the Pac-12 during the regular season, and if Cal wins the Pac-12 Tournament. Jones will get $10,000 if the Bears win 20 games, $15,000 if they are selected for the NCAA Tournament, $25,000 for a Round of 32 appearance, $30,000 for a Sweet Sixteen run, $35,000 for appearing in the Elite Eight, $50,000 for appearing in the Final Four, and $50,000 for winning the NCAA title. Jones must keep the team's academic progress rate at or above a 930, and is eligible "to receive identified bonuses for all levels of accomplishment achieved in a contract year."
Jones also gets a bonus for academic performance. If his team has a GPA above 2.70 in a given year, he receives $20,000. That bumps up to $40,000 if the team has a collective GPA of 2.85 in a given year, and $50,000 for a team GPA of 3.0 or over (which were the same levels of compensation set forth in Martin's extension).
Jones will receive a $15,000 bonus of the team's Academic Progress Rate meets or exceeds a 960, $30,000 for 975 or higher and $45,000 for 985 or higher (also the same as Martin's terms).
The terms of the contract were signed on April 10 by Jones and athletic director Mike Williams, and on April 12 by chancellor Nicholas Dirks.
PDFs of Jones's contract and Martin's extension are linked below.