CHARLOTTESVILLE, Va. — The University of Virginia says new men's basketball coach Tony Bennett has agreed to "a memorandum of understanding" that will be pay him $1.7 million annually for five years.

Virginia also said Tuesday that Bennett will receive a $500,000 signing bonus and another $500,000 if he stays five years.

The 39-year-old Bennett was hired Monday after three years at Washington State. He had a 68-30 record with the Cougars and twice took Washington State to the NCAA tournament.

He was named the AP's coach of the year in 2007.

Bennett replaces Dave Leitao, who resigned March 16 after compiling a 63-60 record over four seasons. Leitao received a buyout of approximately $2.1 million.