Plus a contract extension that keeps him at UofL through 2013.
The new deal increases Pitino's annual salary from $1.65 million to $2.25 million beginning next season, and will pay him $2.5 million a year if he stays until the end of the contract. The contract also boosted a loyalty bonus due Pitino on July 1 from $1 million to $1.75 million. He'll receive loyalty bonuses of $3.6 million in 2010 and 2013 if he remains with the school.
Louisville is opening up a sparkling new practice gym in the fall, and a 20,000-seat downtown arena is scheduled to open its doors in 2010.
Sportsline.com: Cardinals extend Pitino’s contract, hike loyalty bonus
In other Big East news, Notre Dame extends 2007 COY Mike Brey through 2013 as well.