Spurrier will likely end up earning more than $1 million this year with bonuses, and the seven-year contract gets higher every season, according to the Florida Times-Union, which obtained a copy of the contract.
"I'm very happy with it, and happy to be at the University of Florida," he said.
Spurrier, who made a little more than $700,000 last year in leading the Gators to their first third straight Southeastern Conference title, will make $940,810 this year.
He also gets 12 prime tickets to all home games and "medium-price" cars for himself and his wife.
Bonuses include $12,370 for winning the SEC championship, $18,555 for going to a major bowl and $50,000 for winning the national championship.
"His compensation is very deserving," said athletic director Jeremy Foley. "Some folks say it's too much money. But that's where he belongs in terms of the market and what's out there. And if anybody deserves it, it's Steve Spurrier."
Spurrier is 67-13-1 in his seventh season as head coach and needs only four more victories to surpass Ray Graves as the winningest coach in school history. During his tenure, Florida has had the best record in the SEC every year except 1992, when Alabama won the national championship.
Foley began working on a new contract before Florida's 62-24 loss to Nebraska in the Fiesta Bowl. It was signed in February, a month after Spurrier turned down a five-year, $12 million contract to coach the Tampa Bay Buccaneers, and made final last week.
"Our competition for his service is ... professional football," Foley said. "We recognize that. Therefore, he is compensated fairly."
The new contract also has incentives for Spurrier to stay at Florida. If he stays until the year 2000, he will not have to repay $550,000 in loans.