New Gophers men's basketball coach Niko Medved's six-year, $19.5 million contract was approved by the Board of Regents in a special meeting Friday.

Gophers athletic director Mark Coyle and Medved both signed a memorandum of understanding (MOU) before Medved was hired on March 24 to replace Ben Johnson, who was fired after finishing 15-17 in his fourth season.

Medved's salary will be $3 million in the first year of his six-year deal with a $100,000 raise each season. His salary would have ranked 17th in the 18-team conference this season.

Other notables from the contract are that Medved will receive a one-year extension if the Gophers make the NCAA tournament, win the Big Ten regular season or tournament title or finish in the top four in the Big Ten.

The Gophers are covering the cost of Medved's buyout from Colorado State, $2.56 million.

Medved also has an assistant coach salary pool of $2 million for five assistants and four full-time support staff members. So far, Medved has named three members of his assistant coaching staff: Dave Thorson, Brian Cooley and Armon Gates.