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New LSU women's basketball coach Kim Mulkey speaks at her introductory news conference on Monday, April 26, 2021 at the Pete Maravich Assembly Center.

New LSU women's basketball coach Kim Mulkey will earn about $2.5 million at the beginning of an eight-year contract, according to a signed term sheet between Mulkey and the school released Wednesday.

Mulkey, who became LSU's coach after the resignation of Nikki Fargas, left Baylor after winning three national championships over 21 seasons. She made a reported $2.27 million per year at Baylor, a private university.

Mulkey's salary will increase every year to about $3.3 million by the end of the deal, which runs through 2029. The contract will need to be approved at LSU's next board of supervisors meeting.

For comparison, Mulkey will make roughly the same amount as LSU men's basketball coach Will Wade in her first year. Mulkey's salary is more than three times that of Fargas, who earned $700,000 annually in her final contract with LSU.

Mulkey also receives performance-based incentives, which includes $65,000 for a Southeastern Conference regular season championship, $150,000 for a national title and $15,000 if LSU finishes in the top 10.

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According to the term sheet, Mulkey will be owed $2.5 million if LSU fires her without cause before June 30, 2022. She will receive a $2 million buyout if LSU fires her without cause after that date.

Read Mulkey's term sheet below.

Can't see PDF below? Click here.

New LSU women's basketball coach Kim Mulkey signed a term sheet with LSU, which will need to be approved by the board of supervisors.

Email Wilson Alexander at walexander@theadvocate.com