Kentucky has awarded men's basketball coach John Calipari with a two-year contract extension and a raise, giving him a total of eight more years with the Wildcats, the school announced Monday.

Calipari's previous contract was $31.65 million for eight years. The new deal is worth $36.5 million with the opportunity to earn performance-based incentives.

John Calipari's new contract at Kentucky is worth $36.5 million, plus possible performance and longevity incentives. Derick E. Hingle/US Presswire

"What John Calipari has done on and off the court in the past two years to reunite and rejuvenate this fan base has been magical," athletic director Mitch Barnhart said. "He understands the responsibility that goes along with this position and there is no other coach out there that is a better fit for the best basketball program in the country."

The new contract includes a base salary of $400,000 and $3.4 million in media and endorsement money.

Calipari's former contact reduced his pay to $2.85 million over its remaining three years, which ended in 2017. The new contract brings his annual compensation up to $3.8 million each year through the 2018-2019 season, along with the million-dollar retention bonuses. He would earn a bonus totaling $700,000 for winning the NCAA championship in any of those years.

Barnhart said he wanted to align Calipari's contract to run concurrently with his own eight-year deal. He said the new contract evens out Calipari's base salary and restructures and adds some longevity bonuses to reflect the school's commitment to keeping him.

"He worked with us during this process and clearly demonstrated that he wants to be at Kentucky for a long time," Barnhart said. "We also agreed to restructure the bonus money in a fair format where success dictates the bonuses. If we reach the levels of success for Cal to receive these bonuses, we will certainly generate the revenue necessary to allocate these funds."

Calipari thanked Barnhart and university president Dr. Lee T. Todd Jr. "for this great opportunity and the Big Blue Nation for their unbelievable support.