Pat Kelsey signed a five-year contract to become the University of Lousiville men’s basketball coach on Thursday afternoon.
The deal is worth $2.3 million over the court of the five years.
“It’s the ultimate job,” Kelsey told a large crowd at the Keuber Center practice facility after being introduced. “It’s the peak and pinnacle of my profession.”
Kelsey has been a head coach for 12 seasons, including the last three at Charleston.
The contract will pay Kelsey $2.3 million a year with incentives for making each round of the NCAA Tournament.
There’s a $500,000 bonus for winning a national championship.
Kelsey would get a $50,000 bonus for making the NCAA Tournament, another $100,000 bonus for winning one game, $150,000 for making it to the Sweet 16, $200,000 for making an Elite Eight and $250,000 for making the Final Four.
Kelsey has one-time bonuses of $25,000 for being named ACC Conference Coach of the Year, and another $50,000 for National Coach of the Year, plus $50,000 bonuses for winning the ACC Regular Season Champion or Co-Champion and/or winning the ACC Tournament title.
At Louisville, Kelsey becomes just the fifth full-time head coach at the program since Denny Crum took over in 1971. He replaces Kenny Payne, a former U of L player, who was fired earlier this month after a 12-52 record in two seasons on the job.
The 48-year-old Kelsey becomes the 24th head basketball coach in the history of the Louisville program.
Louisville has won three NCAA national titles but it’s a program that Kelsey will have to turn around. U of L has played in just one NCAA Tournament since 2017, three total games since losing in the Elite Eight of the 2015 NCAA Tournament to Michigan State and is a pitiful 17-65 in its past 82 games.
Kelsey has a record of 261-122 over 12 college seasons, including nine years at Winthrop.
There is a buyout in the contract. If Kelsey were to leave the school, he would owe 95 percent of the remaining guaranteed compensation.
