AD Kelly’s new 5-year deal worth $5.525 million

USF athletics director Michael Kelly’s new 5-year contract extension is worth $5.525 million and contains an incentive bonus if the Bulls join a Power Five conference, according to documents obtained by the Orlando Sentinel through a Freedom of Information Act request.

Under the new deal, Kelly’s annual base salary is $625,000, but that figure increases to $675,000 beginning July 1, 2022. It then goes up to $800,000 on July 1, 2023, then $825,000 on July 1, 2024,

$850,000 on July 1, 2025, $875,000 on July 1, 2026, and $900,000 on July 1, 2027.

He’s also set to receive a lump sum of $100,000 within 30 days of July 1 of each contract year, with his salary and sum funded by USF Athletics revenue sources.

Kelly’s contract extension contains several appendices, including incentive compensation with Bulls AD receiving a stipend of up to $200,000 based on a performance review.

He is also eligible for a one-time lump sum payment of $250,000 if USF accepts an invitation to join a Power Five conference such as the ACC, Big Ten, Big XII, SEC, or

Pac-12.

USF’s in-state rival, UCF, accepted a bid to join the Big

12 in September and is one of three schools (Cincinnati, Houston) from the American Athletic Conference set to leave possibly as early as 2023. If at any time the NCAA issues disciplinary penalties resulting from a significant infraction (Level 1 or Level 2), then the university can waive those incentive bonuses.

Kelly’s buyout is set that if he chooses to leave before July 1,

2023, he owes 75% of his current base salary to USF. If it happens between July 1, 2023, and June 30,

2027, it’s 50%, and if it’s on or after July 1, 2027, it’s 25%.

If USF chooses to terminate Kelly without cause, then the university is to provide his base salary for the remainder of the term of his contract year or 20 weeks, whichever is less.

“I’m humbled and very grateful and excited about what we’ve accomplished, but also what we’re going to be able to continue to accomplish going forward,” Kelly said Wednesday.