REVEALED: New Texas A&M coach Mike Elko's contract will see him paid $42m over six years... and he could make an additional $3.5m while adding FIVE YEARS onto his deal for winning the national championship!

Texas A&M University and Mike Elko have signed a Memorandum of Understanding before he is officially approved as the next head coach of the Aggies which would see him paid $7m a year for six years - $42m in total.

In a leaked document from 247sports' Carter Karels, Elko signed an agreement that will run through the end of January 2030 to take over the football program in College Station.

This contract also includes $11m for assistant coaches, analysts, and other staffers and a healthy incentive package that would see Elko paid $3.5m for winning the national championship.

Elko is set to leave the football program at Duke University after just two years of experience as a head coach to head back to Texas A&M.

He was previously the defensive coordinator under Jimbo Fisher from 2018-2021.

Karels' reporting states that Elko's incentives are 'not cumulative'.

However, that's not entirely clear if they just mean post season incentives or every incentive listed.

For example, if Texas A&M wins the SEC title game and makes the CFP - it's not clear if winning the conference will be counted as separate compensation or will be rolled over.

Elko's incentives will be rich if he finds a way to guide the Aggies into a College Football Playoff spot - with the starting rate at $1m.

From there, his incentives gradually progress for each stage of the College Football Playoff that he would reach.

That goes all the way up to $3.5m if the Aggies are able to capture the national title in any of Elko's six years.

But there's also an interesting stipulation: if Elko 'accomplishes any of the post-season incentives, one additional year will be added to the term of the Agreement.'

The wording isn't clear if that is cumulative either. If it is cumulative, then Elko could add an additional six years to his deal if he won the SEC Championship as well as a national championship.

All of these terms must be approved at a meeting of the Texas A&M Board of Regens - which is scheduled for Thursday, November 30. 

It's a lot of expectations to place on a coach that has been in the college ranks for 24 years but has little experience leading teams.

Elko replaces his former boss, Fisher, after he was fired for poor performance in the midst of a ten-year contract.

Despite putting up a record of 6-4, Fisher was bought out of his deal for $77.5m - the largest buyout in college football history.

In his first season with a Duke team expected to finish towards the bottom of the ACC, Elko went 9-4 and won the Military Bowl. Elko was named ACC Coach of the Year for his success.

This year, Elko's Blue Devils went 7-5 and are set to play in a bowl game without their head coach.