FAIRFAX, Va. -- Paul Hewitt is the new men's basketball coach at George Mason.

The former Georgia Tech coach was hired Saturday to replace Jim Larranaga, who left this month for the University of Miami.

Hewitt was fired by the Yellow Jackets last month. He went 190-162 in 11 years at the school and was just 72-104 in the Atlantic Coast Conference. Hewitt coached Georgia Tech to the 2004 national title game, losing 82-73 to Connecticut in San Antonio.

"It's a great job and a great location and that sold me on the location," Hewitt said of George Mason. "The plan was to stay out for a year and then get back into coaching. I never thought in a million years this would happen."

George Mason hired former Georgia Tech coach Paul Hewitt to replace Jim Larranaga. Josh D. Weiss/US Presswire

Hewitt is receiving a $7.2 million buyout over five years from Georgia Tech, making him more affordable for a school such as George Mason of the Colonial Athletic Association.

Former Georgia Tech athletic director Dave Braine signed Hewitt to the deal that has Georgia Tech paying Hewitt. Georgia Tech hired Dayton's Brian Gregory to replace Hewitt.

Hewitt said he's excited to be in a league that had produced two Final Four teams in the last six years, in George Mason in 2006 and VCU in 2011. He's also happy with the roster Larranaga left behind.

"Jim left a great team. I studied the roster and talked to a lot of people around the league. He did a great job in recruiting," Hewitt said. "This is one of the best jobs in this league."

George Mason athletic director Tom O'Connor told ESPN.com that Hewitt agreed to a five-year contract with the total compensation package comparable to what was offered to Larranaga when he was considering leaving for Miami. That package was estimated at close to a $1 million a year in a "good year" when all bonuses would be met.

O'Connor said Hewitt's $7.2 million buyout that he is receiving from Georgia Tech had no bearing on the negotiation.

"We were in a market for a basketball coach and we wanted to make sure our compensation was in line," said O'Connor.

A Georgia Tech official told ESPN.com's Andy Katz that Hewitt's Georgia Tech contract had no offset if he were to take another job. Hewitt will receive the full buyout from the Yellow Jackets, an approximate check of $130,000 a month for the next five years.

Hewitt will meet with the players Sunday night and be introduced at a news conference on George Mason's campus Monday at 2 p.m.

O'Connor said he wasn't concerned that Hewitt had been fired at Georgia Tech. He said Hewitt told him about the struggles of the past two seasons.

O'Connor said that he had gotten to know Hewitt over the last five years while Hewitt was an active member of the National Association of Basketball Coaches and while O'Connor was on the men's basketball NCAA tournament selection committee, including a year as chair.