LOUISVILLE, Ky. (AP) -- Louisville coach Bobby Petrino signed a new 10-year contract Thursday that will earn him $1.6 million each year plus bonuses.
The contract calls for Petrino to receive $1 million bonuses for every three years he stays with the team beginning in 2007. If he is still with the team in 2015, his annual pay would increase to $2.6 million and he would receive a $2 million bonus.
Petrino is 29-8 in three seasons with the Cardinals. Louisville went 9-3 last fall, losing to Virginia Tech in the Gator Bowl.
Petrino, 45, has been mentioned as a candidate for several major coaching vacancies -- including the head coaching job for the NFL's Oakland Raiders in February -- during his three years at Louisville, but has decided to stay put.
Petrino's new contract contains penalties for leaving early. He would have to repay the university between $250,000 and $1 million if he leaves for another Division I program or the NFL.
Athletic director Tom Jurich said Petrino is one of the finest coaches in the country.
"I felt it was important to get him near the top nationally in terms of compensation with some of the top coaches in the country," he said.
Petrino, whose last contract was signed before the Cardinals entered the Big East conference, had been earning $1 million a year plus bonuses. That contract was scheduled to run through 2010.
"I can't tell you how happy I am with the commitment and the confidence that Tom Jurich has in me and the university has in me," Petrino said after signing the contract Thursday morning. "I also wanted to make sure that everyone understood, I know I've said it, that this is where my family wants to be. This is where I want to be. I want everyone to really believe it."
Under the new contract, Petrino would earn a $200,000 bonus for playing in one of the four Bowl Championship Series games and $100,000 for winning the national championship.
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Bobby Petrino gets a sweetheart deal from Louisville
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