Louisville head coach Rick Pitino has agreed to a contract extension through 2026 with the university, a contract that will pay the the 62-year old coach more than $60 million dollars.
Pitino’s salary will increase to $4,48 million for the 2015-16 season and then jump to $5.093 million for the remaining ten seasons. The school also agreed to retention bonuses, which will pay Pitino $750,000 if he’s still the head coach on July 1st, 2017, and $2.25 million if he’s still in the same position on July 1st of 2020, 2023 and 2026.
Louisville is coming off of a fairly surprising run to the Elite 8, as the Cardinals struggled late in the regular season after senior guard Chris Jones was dismissed from the program. They lost to Michigan State in overtime with a trip to the Final Four on the line. The Cardinals have reached the Elite 8 three of the past four years and five of the past eight seasons, with a Final Four and a national title thrown in the mix as well.
Pitino is a member of the Naismith Hall of Fame. He is the first coach to lead two different teams to a national title and three different schools to the Final Four.