Terms for Pitino's contract extension approved

According to Eric Crawford, U of L has approved the financial terms for head basketball coach Rick Pitino's contract extension.

Pitino’s base salary will remain at $3 million annually through the 2102-13 season, then rise to $3.9 million for the final four seasons of the contract. That $3.9 million amount matches what he will be making the next three seasons with his base salary and share of a retention bonus combined.

That retention bonus goes away after 2012-13 season, and Jurich said the new base amount is just designed to keep Pitino’s salary where it is.

"I want to keep him here as long as possible, that’s my goal," Jurich said. "

The contract also includes incentives for Big East championships and NCAA Tournament performance, for a total of $375,000 possible incentive pay for on-court performance. It also includes another possible $200,000 per year in academic incentives.

Scorpiocard, thoughts?

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