WEST LAFAYETTE, Ind. (AP) — Outgoing Gov. Mitch Daniels' salary in his new job as president of Purdue University will rank no better than 10th among Big Ten peers.

The school announced Saturday its Board of Trustees had approved a five-year, five-month contract that pays Daniels a base annual salary of $420,000 plus incentives that could increase his pay as high as $546,000. Purdue says data from April shows Daniels' potential salary would rank 10th among the 12 Big Ten university presidents.

Compensation for previous Purdue President France Cordova, including deferred compensation, was $555,000.

The five incentive areas are: student affordability, graduation and student achievement, philanthropic support, faculty excellence and recognition, and strategic program development with demonstrated student outcomes. Purdue says the goals for Daniels' first year will be finalized in June.