SIGNED AND SEALED | Louisville approves contract to make Kenny Payne basketball coach

LOUISVILLE, Ky. (WDRB) -- The University of Louisville Athletics Association board of directors on Friday morning approved a 6-year contract to make Kenny Payne the next men's basketball coach at the University of Louisville.

Payne becomes the first Black coach to hold the position, following Mike Pegues, who held the job on an interim basis after the school came to terms with Chris Mack for his departure in late January.

According to a term sheet provided by the school, Payne will begin with a base salary of $3.35 million, with incentives linked to performance, and one-time bonuses linked to individual awards. It also includes a $300,000 retention bonus if he is coach on April 2, 2025, and a $1 million bonus if he is coach on April 1, 2028.

If the NCAA hands Louisville a postseason ban, the contract automatically extends by one year. It includes a $10 million buyout that reduces each year of his employment.

IMAGES | Kenny Payne introduced as Louisville's head men's basketball coach

The school's search went 50 days, winding through various candidates with the help of a search firm, but Payne was the leading candidate throughout. He came to terms with the school late Wednesday, and arrived in town on Thursday, embracing -- former head coach Denny Crum and former assistant Wade Houston -- the men who recruited him to the school as a player.

AT U OF L | The service has ended. Go in peace. Thoughts on Kenny Payne's introduction as Louisville coach, his introductory message? What did you think? pic.twitter.com/PixVqlR3dS
— Eric Crawford (@ericcrawford) March 18, 2022

Payne also becomes the first former player to hold the coaching position for the storied program. He played for the 1986 NCAA champions, and has spent years as a top assistant, first to Ernie Kent at Oregon, then with John Calipari at Kentucky. Most recently, he has been an assistant coach with the New York Knicks.