April 2 (UPI) -- The University of Kansas has signed men's basketball coach Bill Self to a lifetime contract, the school announced Friday.
Kansas posted a redacted version of Self's contract as part of a news release. The school will pay Self $5.41 million per season. The contract also contains $675,000 in annual incentives.
"I want to extend my sincere appreciation to Kansas chancellor Doug Girod, [interim athletic director] Kurt Watson, and the rest of the leadership at KU for their belief and faith in me to provide this lifetime contract," Self said in the news release.
"Every day, I am reminded just how fortunate I am to lead this storied program and there truly is no place else I would rather be. As we continue to work through the challenges facing our program, we look forward to moving ahead and focusing on our bright future."
Self's last contract expired in March. The school described his new deal as a "five-year rolling agreement," which automatically adds one year at the end of each season for the remainder of Self's career.
"Bill Self has meant a tremendous amount to the University of Kansas and our entire Lawrence community throughout his 18 seasons," Watson said. "He has changed the lives of so many young men that have played for him throughout his nearly 30 years as a head coach."
Self, 58, has been with the Jayhawks since 2003. He has a 522-118 record during his 18-year tenure at Kansas.
The two-time National Coach of the Year and six-time Big 12 Coach of the Year won a championship with the Jayhawks in 2008. Self began his head coaching career in 1993 at Oral Roberts. He also coached at Tulsa and Illinois from 1997 through 2002.
He owns an overall record of 729-223, and has brought his teams to the NCAA tournament 22 times in the last 23 years, starting with Tulsa in 1998-99.
Self's 729 wins rank No. 19 all-time. The Jayhawks went 21-9 this season and loss to USC in the second round of the NCAA tournament.
"I would also like to express my gratitude to our alumni and donors, as well as the best fans and students in the nation, that have supported my family and me for the past 18 seasons," Self said.
"I'm excited to remain your basketball coach and compete for many championships in the future."