The contract is retroactive to July 1, 2009, and runs through June 30, 2014, the Big East Conference school said in a news release posted on its website.
Calhoun, who turns 68 on May 10, will enter his 25th season at the Storrs, Connecticut, school this fall, having led the Huskies to National Collegiate Athletic Association championships in 1999 and 2004. His record in 38 years as a college coach is 823-358, including 575-221 at UConn.
“I am very happy that this new contract will allow me to finish my coaching career here at UConn,” Calhoun said in a statement.
Calhoun agreed to a contract extension in March, ESPN reported, ending speculation about his possible retirement following multiple absences from the team due to illness in recent seasons.
He missed seven games last season because of an undisclosed illness, which the school said was unrelated to past ailments. Calhoun has a history of cancer.
Calhoun will receive $2 million in salary and appearance fees for the first year of the contract, $2.3 million for the second year, $2.7 million for the third year and $3 million for the final two years.
If he retires during the contract period, he’ll receive a $1 million buyout or a full-time job within Connecticut’s athletic department for a maximum of five years at an annual salary of $300,000.