New USF vice-president of athletics Michael Kelly has signed a memorandum of understanding with the school for a five-year contract that will pay him a $625,000 annual base salary.The memo, signed Monday by Kelly and USF president Dr. Judy Genshaft, was released Wednesday upon a documents request from the Tampa Bay Times. It can be seen here. \n The one-page memo constitutes a binding agreement between Kelly and USF, with a long-form contract expected within 60 days. No bonus/incentive terms are discussed in the memo, and the offer is contingent upon Kelly, 47, passing a background check.The base salary is $100,000 more per year than USF was paying Kelly's predecessor, Mark Harlan, who signed a three-year contract extension in April. Harlan left earlier this month to take the same job at Utah.Kelly, who has served as chief operating officer of the College Football Playoff since November 2012, will formally be introduced at a press conference on campus Friday afternoon.