Louisville gives Smith’s replacement $25.5 million deal
When John L. Smith accepted the head coaching position at Michigan State there was a big fuss made about how much money MSU was paying him. Louisville Athletic director Tom Jurich was also very vocal with his displeasure about how Smith was hired away from Louisville behind the scenes. Jurich’s paranoia was later fueled by JLS replacement Bobby Petrino’s flirtations with Auburn in 2003 and LSU in 2005. ESPN reports that Jurich’s paranoia and Petrino’s infidelity will pay off to the tune of $25.5 million over 10 years.
Petrino will receive an immediate raise from $1 million a year to $1.6 million, and his salary will steadily escalate throughout the length of the contract. By 2010 he is slated to earn $2 million, putting him into an elite category of coaches — believed to be 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.
That’s staggering money for a program that has only made two January bowl appearances and has a stadium seating capacity of 42,000. Athletic director Tom Jurich’s bold move to elevate Petrino among the highest-paid and most secure coaches in the country is Louisville’s bid to cement its future as a major football program.