COLUMBUS: Ohio State Universityís new president will earn about $1 million annually in total compensation, or about half of what his predecessor made.

The contract for Michael Drake, former chancellor at the University of California-Irvine, includes $800,000 in base pay and $200,000 in deferred annual compensation.

The agreement released Friday by Ohio State also includes a $1,200 monthly car allowance and $50,000 in annual research funds.

The university also will pick up Drakeís moving expenses and pay social club dues excluding a golf membership.

The 63-year-old Drake receives free housing by the requirement that he live in the presidentís residence in suburban Bexley.

Former Ohio State president Gordon Gee (gee), who retired in July, earned about $2 million a year in total compensation.