Breaking Down Pat Kelsey's Contract to Coach Louisville

Kelsey was announced as the next head men's basketball coach of the Cardinals on Thursday.

LOUISVILLE, Ky. - There's a new man in charge of the Louisville's men's basketball program.

The University of Louisville Athletic Association formally approved Thursday a contract for current College of Charleston head coach Pat Kelsey to be the next head coach of the Cardinals.

"I am humbled and honored to be named the head coach at the University of Louisville," Kelsey said in a statement. "I would like to thank Josh Heird, President Schatzel, the Board of Trustees and ULAA Board, former UofL players and all of Card Nation for entrusting me to lead one of the great programs in all of college basketball. Coaching giants that I have tremendous respect and reverence for led Cardinal basketball to national prominence during their era. It is my charge to help this great program return to its rightful place as one of college basketball's best."

Kelsey's contract lasts five years, starting on Mar. 28, 2024 and ending on Mar. 15, 2029, with his base salary being $2.3 million per year. If he reaches the NCAA Tournament in any of his first three years, he will receive a one-year extension at his base rate.

As expected, there are plenty of one-time bonuses that involve the NCAA Tournament. He will receive $50,000 for making the tournament as an at-large bid, $100,000 for reaching the Round of 32, $150,000 for making the Sweet Sixteen, $200,000 for cracking the Elite Eight, $250,000 for getting to the Final Four and $500,00 for winning the national championship. The increases are non-cumulative and are based on highest threshold met.

Kelsey has one-time bonuses of $25,000 for being named Conference Coach of the Year, and $50,000 for National Coach of the Year (AP, NABC or Naismith), ACC Regular Season Champion or Co-Champion and ACC Tournament Championship.

Additional benefits includes: moving expenses up to $50,000, a life insurance policy for $15 million, family membership at the ULGC golf course, a car allowance of $1,000/month, use of a suite at the KFC Yum! Center for all men's basketball games, eight club seats to all men's and women's basketball games and football games, eight seats for all post-season men's basketball games, and his wife and immediate family are allowed to travel to away games.

As for his buyout, if Kelsey is terminated without cause by the university, he is due 95 percent of the remaining base term (subject to mitigation and offsets), which will be payable over the remainder of the term. If termination without cause is by the head coach, he is also due 95 percent of the remaining base term (subject to mitigation and offsets), but it will be payable over 90 days.

(Photo of Pat Kelsey: Michael Clevenger - Courier Journal / USA)

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