His $3.9 million base salary remains the same, but he will earn a $600,000 retention bonus every other year from 2014 to 2022.
The deal includes incentives for being chosen AP national coach of the year ($100,000) and winning the Big East Conference regular-season title ($50,000).
Pitino, 60, is coming off his second Final Four appearance with the second-ranked Cardinals, who open exhibition play Thursday against NAIA Pikeville. He led rival Kentucky to the 1996 NCAA title and Providence to the 1987 Final Four.
After hinting he might not coach past his current deal, Pitino said Tuesday that he "couldn't live without the highs and lows" of basketball.
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