Okay, here are the specifics (from the State News):

• It's a 5-year contract
• "Performance-based"
• He gets a $200k signing bonus
• $600k/yr base salary
• Up to $500k/yr in incentives
• Incentives are "for on-field performance and academic accomplishments"
• It's a rolling contract, which means it is renewed each year

If I understand this correctly, it sounds like he'll get a little more than half of his salary for just showing up, but has to earn the extra $500k a year. Right off the bat, I'm really pleased with this deal. I think it gives Dantonio extra motivation to prove himself and actually get results on and off the field.

John L. Smith had a plumb contract where he could oversee the demise of the program and still make big bucks. We'll be paying for that mistake for two more years.

With Dantonio's contract, if players keep flunking classes and getting arrested, or if the team still sucks after a year or two, then the coach won't get as much money. On the other hand, if the guy works miracles and we start landing big recruits, winning key games, and make it to important bowl games, then he'll get some extra scratch. Seems like a square deal to me. Even if Dantonio sucks and winds up being another coaching mistake for MSU, at least it won't be as expensive as the last one.

UPDATE: This Detroit News article has a few more interesting nuggets:

• The buyout for this contract is $600k. (Much cheaper than John L.)
• The base contract puts him in the bottom half of Big 10 coaches...
• ...but Simon is ready to give him a raise if he's successful on the field
• He was Tressel's first choice when he was hired at OSU
• Tom Izzo likes him, says he's "dying to be here"
• Dantonio had more Detroit players at Cinn. than MSU did this year

The more I read about this guy, the more I like him. Not trying to kid myself or get my hopes up too high, but I'm pretty pleased with this selection.