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University of Louisville president James Ramsey resigns, effective immediately

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Following a lengthy closed doors session, the U of L Board of Trustees accepted the resignation of President James Ramsey Wednesday night, immediately putting an end to his 14-year tenure in charge of the school.

Ramsey will be paid $690,000 to resign immediately, a deal which comes with an agreement that he will bring no legal action against U of L. There was no word on whether or not Ramsey's position as the president of the U of L Foundation will be altered in any way.

University Provost Neville Pinto, who is on vacation, will serve as the school's temporary leader until a new president is selected, a process which has reportedly already begun.

"In the end, it was just the decision on both sides, what everyone thought was best," board Chairman Pro Tem Junior Bridgeman said Wednesday night. "Dr. Ramsey is always going to be a gentleman. He's always going to talk about what's best for the university. And that was the discussion. It wasn't any more than that."

So that's that, and now Louisville has a Petrino a Pitino and a Pinto in three of its most high-profile positions.

So I guess there's only one thing left to do: Al Pacino for new university president. Or Earl Clark.