LOUISVILLE, Ky. — The former University of Louisville head coach Kenny Payne is accepting less than what his contract guaranteed him according to their separation agreement.
In the document WHAS11 News obtained through an open records request, we learned it was signed on March 18, three days after he was fired.
According to the document, Payne will be paid a total of $7,250,000. The original cost of his buyout should he have been terminated before March 31, 2024, was set at $8 million. So the school will save $750 thousand in the settlement.
Those payments will be monthly for the next three years until March 31, 2027 according to the agreement. That means he will receive $201,388 a month.
Combine the buyout with his total earnings as the Cardinals head coach, and Payne made $13,950,000 for his 12-52 record over two seasons.
Payne will be given approximately $2.41 million for the next three years; to put that into perspective, new Cardinals head coach Pat Kelsey's annual salary is set at $2.3 million for the next five seasons.
Another portion of the agreement details a non-disparagement clause that says Payne cannot make any disparaging remarks or statements towards the University of Louisville Athletic Association (ULAA) or the college. If it's breached, the ULAA can seek monetary damages.
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