Oregon State is bringing in Jonathan Smith at a discounted rate, increasing the money available for Beavers assistant coaches and keeping its overall football salary pool roughly the same.

Smith is set to earn $9.5 million over five years, according to a memorandum of understanding obtained by The Oregonian/OregonLive. His contract, which is being finalized, will run through the 2022 season.

The 38-year-old first-time head coach will make $1.9 million each season, earning $950,000 in annual base salary and $950,000 in annual non-salary compensation. The figures are the same for each year, unlike for former coach Gary Andersen, whose annual compensation was set to gradually increase each year until reaching $3.05 million in the final year of his contract.

Andersen was set to make $2.65 million in the third year of his contract, but mutually parted ways with OSU on Oct. 8. According to a release agreement, Andersen will make $662,500 through the end of the calendar year but void the remaining $11.6 million in salary he was set to make over the next four years, plus additional future earnings.

Based on the USA Today database of coaching salaries, Smith will be tied for 58th nationally in annual salary and be the 11th-highest paid head coach in the Pac-12. He ranks ahead of California coach Justin Wilcox ($1.6 million per year). Andersen, who ranked 45th overall, was also the 11th in the Pac-12.

Smith was making $700,000 annually at Washington as the offensive coordinator and quarterbacks coach, according to The Seattle Times.

Smith's contact will be packed with incentives for regular-season win totals, conference and national titles, coaching awards and academic achievement. It will also feature de-escalating buyout terms for each season.

Oregon State will also make $3.3 million in annual salary available for Smith to hire assistants, according to the memorandum. OSU coordinators and position coaches made approximately $2.59 million for the 2017 season, marking roughly a $710,000 increase in the available pool.

OSU parted ways with its assistants this week, except for interim coach and cornerbacks coach Cory Hall. All assistants signed two-year contracts last summer. Not including Hall, the eight other Oregon State assistants are set to make a combined $2.39 million in salary next year. OSU will pay out the money remaining on each contract, minus what each makes up in new jobs.

Based on football coaching salaries alone, OSU plans to spend $40,032 less for the 2018 season than in 2017.

Below is a full list of Smith's incentive-based bonuses and buyout terms.

Athletic achievement

Win exactly 10 regular-season games - $75,000

Win exactly 9 regular-season games - $50,000

Win exactly 8 regular-season games - $25,000

Win the Civil War - $25,000

Participate in the Pac-12 championship game - $100,000

Participate in a postseason bowl game - $25,000

Participate in

Participate in College Football Playoff National Championship Game - $300,000

Win College Football Playoff National Championship - $400,000

Coach recognition

Pac-12 Coach of the Year - $25,000

National Coach of the Year - $100,000

Academic achievement

APR top 6 in the Pac-12 - $25,000

APR top 1 or 2 in the Pac-12 - $50,000

Buyout terms if Smith ends agreement

During Year 1 - $3,500,000

During Year 2 - $3,000,000

During Year 3 - $2,000,000

During Year 4 - $1,000,000

During Year 5 - $1,000,000

Buyout terms if Oregon State ends agreement

During Year 1 - $4,750,000

During Year 2 - $3,800,000

During Year 3 - $2,850,000

During Year 4 - $1,900,000

During Year 5 - $950,000

-- Danny Moran