Norman, Okla. ? The University of Oklahoma’s Board of Regents voted Thursday to approve a seven-year, $16.6 million contract for new men’s basketball coach Lon Kruger.

The regents met in executive session for more than a half hour before resuming their meeting and voting unanimously to approve the deal, which will pay Kruger $2 million over the course of the next year.

Kruger will receive a base salary of $250,000, a $1.45 million annual payment for personal services and fundraising and a $300,000 bonus each May for staying another full season with the Sooners. The contract includes an automatic $100,000 raise each year and a $500,000 bonus if Kruger completes five seasons and is still at Oklahoma at the end of June 2016.

Kruger still must sign the contract.

“To hire someone with his pedigree is something we’re real excited about doing,” athletic director Joe Castiglione said. “I think now that we’ve got through the business of this, we can get to the things that help our basketball program grow and become more successful.”