LEXINGTON, KY. ? John Calipari cautioned the Kentucky faithful that he was not the “grand poobah” or “emperor” — even if his eight-year, $31.65 million contract as the Wildcats’ new coach pays him like one.

Before his introductory news conference Wednesday, Kentucky’s athletics board approved the contract that will make Calipari the highest paid coach in the nation. Athletic director Mitch Barnhart defended the salary, saying that the university paid a premium price to lure Calipari away Memphis because he “can flat out coach.”

“I’m a regular guy, folks,” Calipari said. “I do not walk on water; I do not have a magic wand.”

He might need to find one. Kentucky fired Billy Gillispie on Friday after two seasons and he went 40-27, including losing 14 games this season and failing to lead the Wildcats into the NCAA Tournament.

“The challenge of being here is (not) competing for national titles, but winning them,” Calipari said. “But that’s what you buy into when you come here.”

And Kentucky has demonstrated it is willing to pay whatever it takes to back to that level.

“We’re the pre-eminent basketball program in the country, and if we want a premier coach then that may be what it takes to get it done,” Barnhart said.

Calipari’s decision to take the job didn’t come easily. He spent more than a day mulling Kentucky’s lucrative offer while reporters camped outside his home.

He told his Memphis players he was leaving during a meeting on Tuesday evening before hopping a plane to Lexington. The university received a faxed copy of the 20-page contract around 9 p.m. just before Calipari arrived in his new home.