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05:11 PM ET 10.30 | Louisville athletic director Tom Jurich announced Tuesday afternoon that men's basketball coach Rick Pitino has agreed to a contract extension that will keep him at U of L through 2022. Pitino's base salary will remain at $3.9 million. The only major difference inherent in the extension is a $600,000 retention bonus that will be paid every other year beginning in 2014. The contract also includes $200,000 in additional incentives. Pitino has the chance to receive $50,000 for a Big East regular season or tournament title, $50,000 for a program APR rating of 950 or above, and $100,000 if he is named the Associated Press Coach of the Year.

"There's never a bad minute working at this place," Pitino said. "The people are awesome, the fans are awesome; it's just an awesome, awesome place. I'm not sure I could survive without this university and this program. There's nothing that could drive me away from this city. It's my life now. I was born a New Yorker, I want to die a Kentuckian."