Donovan signed the extension in February, before the Gators became the first team in Southeastern Conference history to go 18-0 in the regular season. Florida also won the SEC tournament and earned the NCAA tournament's overall top seed.
The Gators beat Albany and Pittsburgh to advance to the Sweet 16 for the fourth consecutive season, the longest current streak in college basketball.
Donovan's extension, which was agreed to in June, paid him a $250,000 longevity bonus before March 1 and increased his base salary nearly $100,000 a season.
Because of the bonus, Donovan will earn $3.9 million this season. He will make $3.681 million in each of the next five years.