John Calipari Gets $7 Million A Year To Become Arkansas Head Coach

John Calipari is officially the head coach of the Arkansas Razorbacks -- the school just announced the hire on Wednesday ... with the Hall of Famer slated to make at least $7 million a year.

Arkansas was excited to share the big news ... posting a hype video to welcome the former Kentucky Wildcats leader to the program.

Cal inked a five-year deal for the new gig ... which includes the base salary and $1 million signing bonus ... as well as more dough for postseason success and each season he sticks around.

Razorbacks athletic director Hunter Yurachek spoke about landing Cal on Wednesday ... saying, "By all accounts, John Calipari is one of the premier coaches in college basketball."

"A national championship coach, a four-time national coach of the year and one of the nation’s top recruiters, Coach Cal has consistently demonstrated his ability to attract outstanding talent and build championship teams within the Southeastern Conference and position his programs among the best in the nation."

Cal shared a farewell to the folks in Lexington earlier this week ... saying after a national championship, four Final Fours and 32 NCAA tourney victories, it was time for Kentucky to start fresh with someone else at the helm.

Worth noting -- Cal is taking a bit of a pay cut ... as he had an $8.5 million base salary with the Wildcats.