Jim Chaney is getting paid handsomely to leave Georgia for Tennessee.

The Vols officially announced Chaney as their new offensive coordinator Wednesday, and salary terms were released shortly thereafter.

Chaney, 57, agreed to a three-year deal worth $4.8 million that runs through Jan. 31, 2022, per a signed MOU.

Chaney will become the highest-paid offensive coordinator in the country next season, receiving a $550,000 pay raise from his deal with the Bulldogs. Michigan's Pep Hamilton made $1.4 million in 2018.

Next season, Chaney will make $1.5 million, with $100,000 escalator raises the next two years. He also receives a $35,000 moving allowance and a $600 monthly vehicle allowance.

As part of the contract, Tennessee owes Georgia up to $500,000 for Chaney’s buyout with the Bulldogs.

Chaney also has a significant buyout with Tennessee now, owing 60 percent of the total compensation package should he leave before February 1, 2020. That number drops to 50 percent after that date. However, if Chaney leaves Tennessee for a head coaching job at anytime he would not owe the Vols anything on his deal. Also per the deal, Chaney would be owed his full contract should Tennessee opt to terminate the deal.