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Louisville is onto the next era of Cardinals basketball, parting ways with Kenny Payne and locating his replacement in Pat Kelsey. Just because Payne is no longer on the sidelines, though, doesn’t mean he’s no longer the program’s problem.
In fact, he plans to stay on the payroll through 2027! In the process, he’ll likely make more money that the Cardinals‘ new hire in Year 1, and beyond.
Payne lasted just two seasons with his alma mater before being canned, posting a 12-52 overall record with a pair of last place ACC finishes. His initial contract was for five years with a base salary of $3.35M.
Unwilling to see it through those five seasons, Louisville paid a hefty buyout to cut ties early.
The U of L Athletic Association (ULAA) agreed to pay [Kenny Payne] a total severance amount of $7,250,000, according to a copy of the separation agreement obtained by The Courier Journal via an open records request.
The payments of $201,388.88 began “on or about” Monday, April 1, when Payne’s employment was effectively terminated without cause, the agreement says. They’ll end “on or about” March 31, 2027.
Those $201,388.88 installments come out to just over $2.4M across 12 months.
Pat Kelsey’s annual base salary? $2.3M.
Louisville will pay Pat Kelsey $2.3 million to coach the next three seasons, and it will pay Kenny Payne $2.5 million not to coach.
— Eric Crawford (@ericcrawford) April 1, 2024
Sometimes, it pays to be fired! Just ask canned colleagues Jerry Stackhouse and Chris Holtmann.
While Kelsey could feel slighted after seeing mid-major success at both Winthrop and College of Charleston, he’s hit the ground running at his new gig. The head coach has been on the recruiting trail since stepping foot in Louisville, already securing commitments from transfer prospects and prospective donors.
In fact, a recent outlet claims he’s been able to secure a $15k NIL gift that was intended to go to rival Kentucky. Not a bad start to his tenure!
The next step will be landing a few wins on the court. The Cardinals finished 8-24 last year, meaning Kelsey will have his work cut out for him in a major rebuild.