Base pay is $1.2 million plus performance incentives. (Nobody knows how a mid major like VCU can afford that. They broke the mid major salary market with that deal.)
I can't find out what those performance incentives are but they're probably winning the CAA, winning a game (or games) in the NCAA tournament plus an academic incentive. This year I would not be surprised if he makes a total of more than $2 million. His deal is for 8 years. I would be surprised if the VCU AD didn't include a heavy buyout clause. Allowing Smart to leave without VCU getting paid major dollars would be financial malfeasance.
Illinois will pay more than that because their fan base will not accept being bad in basketball. If Smart gets a contract offer from Illinois I would not be surprised if it's in the $2 million per year base salary range.