Monday, November 7, 2011

Louisville gives Charlie Strong lucrative 7-year contract extension

The University of Louisville wants Charlie Strong for the long haul, and on Tuesday it gave him financial incentives to stick around.

U of L announced it had agreed to a seven-year contract extension with the football coach. Strong's base pay will increase from $1.6 million to $2.3 million annually through June 30, 2018. He stands to make an additional $3.25 million in loyalty bonuses through June 30, 2016.

"I'm very appreciative to (athletic director) Tom Jurich for having the faith in me to lead this program at the University of Louisville. This proves to me how committed this University is to football," Strong said in a release.

"... Tom hired me to build a program, and my staff and I are working extremely hard to make the community and our fans proud of this program in all aspects. The University of Louisville is the place I want to be, and most importantly, is where my family wants to be. This contract is very humbling, and I'm looking forward to putting a winning program on the field for our outstanding loyal fans."

According to the terms of the deal, which has not been formally completed, if Strong is still the coach on June 30, 2015, he will receive a bonus of $1.25 million plus a $1 million annuity to be paid when he's 65 years old. He also will receive bonuses of $1 million in 2016, $200,000 in 2017 and $200,000 in 2018.

The U of L athletic association approved the extension at a meeting Tuesday. Jurich said the contract will be backdated to make it effective July 1, 2011.

"We really want to build stability and consistency in our program," Jurich said. "Charlie has been a tremendous leader for us and a fabulous ambassador for this university and this city."

When Strong was hired in December 2009, he signed a five-year deal worth $1.6 million per year plus incentives, including a $1.25 million bonus if he stays for all five years.

Jurich said this extension has been in the works since November and the basic terms were agreed upon in July. Strong coached the team to a 7-6 record and a victory over Southern Mississippi in the Beef 'O' Brady's Bowl in his first season. It was the Cardinals' first postseason appearance since the Orange Bowl in January 2007.

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With a young team this season, the Cardinals (2-4, 0-1 Big East Conference) have struggled, but they did beat rival Kentucky for the first time since 2006.

"I've tried to observe Charlie, and he seems like the person we want to lead our program," Jurich said. "I look at him and try to evaluate him from A to Z, and I like everything that I see. I know the results this year are going to be undetermined yet. This is a building year. We'll continue to move on with that."

There are plenty of incentives for Strong to have on-the-field success. If U of L wins a conference championship, he will receive $25,000. A bowl berth would be worth one-twelfth of his salary (roughly $191,666).

U of L reached a BCS bowl in Bobby Petrino's final season, when it won the Orange Bowl. If Strong gets the Cardinals back to a BCS bowl, he will receive $100,000, plus $50,000 if it's the BCS championship game. He would get an additional $50,000 for winning the BCS title.

There also are academic incentives tied to the team GPA and academic progress rate. Last spring two players were named dean's scholars, 12 made the dean's list and 36 were named to the athletic director's academic honor roll.

If Strong leaves before completion of the contract, he will have to pay a buyout ranging from $2.5 million if he bolts before June 30, 2012, to $1 million between July 1, 2016 and June 2018.

Jurich said he sees a coach committed to building a strong program for years to come.

"We always want to have a coach here who really wants to be here," Jurich said. "I think Charlie has already demonstrated that. He's very committed to turning this program into a great winner. He's already worked so hard to change the culture of this program."  By, Eric Crawford

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