By hiring a new head coach, Florida will save about $1.3 million annually over the next five years in coaching salary.

Former Texas defensive coordinator Will Muschamp has agreeed to a five year contract worth $2.7 million annually to become the new head coach at Florida. His predecessor Urban Meyer earned approximately $4 million annually.

If Muschamp's contract is similar to Meyer and other UF coaches, with incentives and bonuses he could earn close to $3 million.

Muschamp will make his first appearance as Florida's new head coach at a press conference tonight at 6:30.

Even with the salary reduction, replacing Meyer won’t come cheap. Meyer will receive his $1 million retention bonus, which was scheduled to be paid after Jan. 31. And rest assured, if Muschamp goes out and hires top-notch coordinators, it will cost. Alabama defensive coordinator Kirby Smart, who has reportedly been offered the same job at Florida (but may not accept it), earns $750,000 annually. Florida’s highest paid assistant is defensive coordinator Teryl Austin, who earns a base salary of $440,000 annually.

The Gators’ current eight assistant coaches earn a combined $2.4 million and have one year remaining on their contracts, which athletic director Jeremy Foley said the school will honor for those who are not retained if they don’t acquire jobs.