Contract details revealed for Kenny Payne's multi-year deal at Louisville

Louisville officially announced Kenny Payne’s hiring on Friday. After the announcement, details about his contract with his alma mater were revealed.

Payne’s contract is a six-year deal through 2028. He’ll also have a base salary of $3.35 million with multiple NCAA Tournament and award bonuses listed. If he wins ACC Coach of the Year, he’ll get a $25,000 bonus, and he can get $400,000 for making a Final Four.

There’s also a clause about what would happen if the NCAA finds violations prior to Payne’s tenure. If that happens, Payne’s contract would be extended one year for each year of any potential postseason ban.

Term sheet for new Louisville basketball coach Kenny Payne, who is being introduced at the top of the hour: pic.twitter.com/SWkWLnQm1m

— Pat Forde (@ByPatForde) March 18, 2022

“If the NCAA finds violations by the University that occurred prior to the Coach’s employment and levies a penalty that results in a post-season ban, then the Term of employment will be extended by one year for each year of such ban,” the contract read.

Payne’s official start date is March 21, meaning he can hit the ground running as he takes over his first collegiate head coaching job. He spent the last two years with the New York Knicks after a long run as an assistant coach at Kentucky under John Calipari.

Louisville officially announces alumnus Kenny Payne as next head coach

Louisville made it official Friday morning. Kenny Payne is the Cardinals’ new men’s basketball coach.

Louisville announced Payne is signing a six-year contract through the 2027-28 season in a press release. The university board approved the terms Friday morning, and it’s a return to college after spending two full seasons in the NBA with the New York Knicks. Payne previously served as an assistant at Kentucky from 2010-20, rising from assistant coach to associate head coach from 2014-20.

“I want to thank President Gonzalez and [athletic director] Josh Heird for this incredible opportunity to return to a place that means so much to me to lead our storied basketball program,” Payne said in a statement. “While there are challenges, I see opportunities, and if we are united and aligned, there is nothing that we cannot accomplish.

“Our fans and community deserve a championship basketball program fueled by exceptional and high-character student-athletes, and it is my responsibility to deliver on that vision. I cannot wait to get started.”

Payne played at Louisville from 1985-89 and had an 11-year professional basketball career, including a stint with the Philadelphia 76ers, before diving into coaching. As a player, he helped the Cardinals to the 1986 national title. He got his coaching start at Oregon from 2004-09 before joining forces with John Calipari at Kentucky. While there, he was part of another national championship in 2012.