miami_fan
07-13-2006, 09:09 AM
The University of Louisville and Bobby Petrino have agreed on a lucrative new 10-year contract, a deal the Cardinals hope will end the now-annual wooing of their football coach.
A source familiar with the deal said that Petrino will receive an immediate raise from $1 million a year to $1.6 million, and that his salary will steadily escalate throughout the life of the contract. By 2010 he is slated to earn $2 million, putting him into an elite category of coaches -- believed to be at least 14 currently -- at that plateau.
At the deal's end, 2015, Petrino will make $2.6 million. He also will have retention bonuses of $1 million in 2007, 2010 and 2013, and a $2 million retention bonus in 2015. The total value of the contract is $25.5 million.
That's staggering money for a program that has only made two January bowl appearances and has a stadium seating capacity of 42,000. With athletic director Tom Jurich's bold move to elevate Petrino among the highest-paid and most secure coaches in the country, Louisville is attempting to cement its future as a major football program.
"Tom has made a huge commitment to the program and to Bobby," the source said.
The offensive mastermind has a three-year record of 29-8 at Louisville, including the Cardinals' second January bowl game ever this past season, the Gator Bowl against Virginia Tech. The Cards enter the 2006 season as a likely top 15 team and sport a pair of possible Heisman Trophy contenders in quarterback Brian Brohm and running back Michael Bush.
To keep Louisville's program among the ranked and the relevant, the school needed to pre-empt the powerhouse schools that have courted Petrino -- schools that he has listened to in the past.
Significantly, Petrino asked that a $1 million buyout be put into his deal, should he attempt to leave the school.
"I think he's pretty serious about being here and staying here," the source said.
Petrino was involved in the now-infamous 2003 dalliance with Auburn behind the back of coach Tommy Tuberville, his former boss on The Plains. An apparent deal between the two was undone only when media reports circulated, outing the secret meeting Petrino had with Auburn administration members.
In December 2005, Petrino met with LSU administrators before the Cardinals played in the Liberty Bowl, just days after signing a new contract and saying he was not interested in any other jobs. He also interviewed with Notre Dame and had discussions with Mississippi about its vacancy that year.
Last season there were reports that Petrino had discussions with the Oakland Raiders. Petrino downplayed those reports, saying he had no interest in the job.
The timing of this deal is significant, heading into a season when a number of coaches at powerhouse programs are on the hot seat. There could be several high-profile job openings around the country, and Jurich undoubtedly would like to remove Petrino's name from consideration before it could be entered. The $1 million 2007 loyalty bonus is undoubtedly part of the incentive to ignore pitches from bigger programs after this season.
The deal is believed to be similar in design to the reported seven-year, $17 million contract Ohio State's Jim Tressel signed in 2005.
Pat Forde is a senior writer for ESPN.com. He can be reached at [email protected].
A source familiar with the deal said that Petrino will receive an immediate raise from $1 million a year to $1.6 million, and that his salary will steadily escalate throughout the life of the contract. By 2010 he is slated to earn $2 million, putting him into an elite category of coaches -- believed to be at least 14 currently -- at that plateau.
At the deal's end, 2015, Petrino will make $2.6 million. He also will have retention bonuses of $1 million in 2007, 2010 and 2013, and a $2 million retention bonus in 2015. The total value of the contract is $25.5 million.
That's staggering money for a program that has only made two January bowl appearances and has a stadium seating capacity of 42,000. With athletic director Tom Jurich's bold move to elevate Petrino among the highest-paid and most secure coaches in the country, Louisville is attempting to cement its future as a major football program.
"Tom has made a huge commitment to the program and to Bobby," the source said.
The offensive mastermind has a three-year record of 29-8 at Louisville, including the Cardinals' second January bowl game ever this past season, the Gator Bowl against Virginia Tech. The Cards enter the 2006 season as a likely top 15 team and sport a pair of possible Heisman Trophy contenders in quarterback Brian Brohm and running back Michael Bush.
To keep Louisville's program among the ranked and the relevant, the school needed to pre-empt the powerhouse schools that have courted Petrino -- schools that he has listened to in the past.
Significantly, Petrino asked that a $1 million buyout be put into his deal, should he attempt to leave the school.
"I think he's pretty serious about being here and staying here," the source said.
Petrino was involved in the now-infamous 2003 dalliance with Auburn behind the back of coach Tommy Tuberville, his former boss on The Plains. An apparent deal between the two was undone only when media reports circulated, outing the secret meeting Petrino had with Auburn administration members.
In December 2005, Petrino met with LSU administrators before the Cardinals played in the Liberty Bowl, just days after signing a new contract and saying he was not interested in any other jobs. He also interviewed with Notre Dame and had discussions with Mississippi about its vacancy that year.
Last season there were reports that Petrino had discussions with the Oakland Raiders. Petrino downplayed those reports, saying he had no interest in the job.
The timing of this deal is significant, heading into a season when a number of coaches at powerhouse programs are on the hot seat. There could be several high-profile job openings around the country, and Jurich undoubtedly would like to remove Petrino's name from consideration before it could be entered. The $1 million 2007 loyalty bonus is undoubtedly part of the incentive to ignore pitches from bigger programs after this season.
The deal is believed to be similar in design to the reported seven-year, $17 million contract Ohio State's Jim Tressel signed in 2005.
Pat Forde is a senior writer for ESPN.com. He can be reached at [email protected].