Here are contract details for Dusty May, new Michigan men's basketball coach

Dusty May is receiving a big pay raise in his move from Florida Atlantic to Michigan.

May, who was hired less than two weeks ago to take over the men’s basketball program following Juwan Howard’s firing, will make just under $19 million, at least, over the lifetime of his five-year deal, according to details from the memorandum of understanding obtained by The Detroit News via a Freedom of Information Act request.

May’s compensation will begin at $3.55 million in Year 1 and will increase to $3.65 million in Year 2, $3.75 million in Year 3, $3.85 million in Year 4 and $3.95 million in Year 5. The total value of the contract will be $18.75 million before bonuses.

That means May’s base salary will be nearly tripled compared to what he made this past season at Florida Atlantic. Following FAU’s Final Four run last season, May signed a 10-year extension that paid him $1.25 million this season and was worth a total of $15.7 million.

May’s compensation at Michigan puts him in the top 30 of the highest-paid men’s basketball coaches in the nation and in the middle of the pack in the Big Ten.

According to USA Today’s coaches’ salary database, 10 Big Ten coaches ranked among the top 30 in the nation this past season: Michigan State’s Tom Izzo ($6.1 million, No. 3), Illinois’ Brad Underwood ($4.7 million, No. 8), Indiana’s Mike Woodson ($4.2 million, No. 13), Maryland’s Kevin Willard ($4 million, No. 19), Wisconsin’s Greg Gard ($3.7 million, No. 22), Howard ($3.7 million, No. 23), Purdue’s Matt Painter ($3.6 million, No. 24), Rutgers’ Steve Pikiell ($3.5 million, No. 26), Nebraska’s Fred Hoiberg ($3.5 million, No. 28) and former Ohio State coach Chris Holtmann ($3.5 million, No. 29).

In addition to his base salary, May, 47, received a signing bonus of $1.51 million. Michigan also will pay May a “longevity incentive” of $300,000 at the end of the third and fourth contract years on April 1, 2027, and April 1, 2028, respectively.

Under the deal that was signed March 23, May has extensive bonus opportunities, including $25,000 for earning a share of the Big Ten regular-season championship, $50,000 for winning the league title outright and $50,000 for winning the Big Ten tournament.

There are also numerous NCAA Tournament-related bonuses: $25,000 for a First Four appearance, $50,000 for a first-round appearance, $75,000 for a second-round appearance, $100,000 for reaching the Sweet 16, $150,000 for making the Elite Eight, $200,000 for making the Final Four, $300,000 for reaching the national title game and $400,000 for winning it all. May also would get $50,000 if named the Big Ten coach of the year and $50,000 for national coach of the year.

May’s buyout, should he leave for another job, starts at $5 million and decreases each of the next four years, from $4 million to $2 million to $1 million to $500,000. If he’s fired without cause, the university will owe him 70% of his remaining base salary.

When May’s hiring was announced on March 24, it was stated that his five-year deal was worth $3.75 million annually. Other terms of the agreement weren’t disclosed.

May comes to Michigan after a six-year run at Florida Atlantic, where he never finished a season below .500 and compiled a 126-69 record, including a 60-13 mark and back-to-back NCAA Tournament appearances in his final two years.

Given the job he did at FAU — a program that had little history of success — May was a hot commodity this coaching cycle and had his share of high-major suitors, but he called Michigan the “right fit.”

May has yet to announce his coaching staff at Michigan, though he expects it to include some personnel from Florida Atlantic. Under terms of the contract, May gets a $1.2 million budget to hire three assistant coaches, but that can be increased “based on needs and potential hires.”

jhawkins@detroitnews.com

@jamesbhawkins