Section 3.0 of his contract is telling.

3.1 Salary.  Ho hum.
3.2 Media stipend.  Ho hum.
3.3  Athletic Achievements.. up to 12% annual bonus for the most important thing in college sports: winning.
3.4  Academic achievement, up to a 6% annual bonus for the second most important thing in college sports: educating.
3.5  Business achievement, up to 5% annual bonus for the third most important thing in college sports: making money.
3.6 Longevity achievement, some amount for the least important thing in college sports: staying loyal.

So $1MM salary and bonus potential of about 25%.  For the VP of a $5.25 billion/yr company.  That isn't outrageous.  Proportionally, the salary is pretty heavy relative to the bonus if compared to industry.

[Edit for typo]