Now that Louisville has made the decision to move on from Bobby Petrino, who was officially fired on Sunday, it’s time to figure out how much it is going to cost Louisville. According to comments made by Louisville athletics director Vince Tyra, the school is preparing to pay the $14 million due to Petrino per his contract with the university.
The plan will be to pay Petrino in quarterly payments and have the balance paid in full by the end of 2021. That comes out to about 12 quarterly payments of about $1.17 million.
Spreading out the payments to Petrino through the end of 2021 helps alleviate the financial burden for the school. Considering Louisville will likely want to bring in a known commodity as the next head coach rather than go to a top assistant coach, Louisville is going to have a decent coaching contract on its hands for the football program while paying off Petrino.
In addition to cutting ties with Petrino, Louisville has also removed assistant coaches Ryan Beard, L.D. Scott, Nick Petrino and Andy Wagner from the football staff. Beard and Scott are sons-in-law of Petrino, and Nick Petrino is, of course, the now-former head coach’s son.