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Pitino tweeted Tuesday that the major conferences in college basketball should join forces and create a salary cap of up to $2 million. He did not specify if that number would include name, image and likeness payments or funding directly from schools.

"For basketball, have the Power 5 [and] Big East conference commissioners get together and create a salary cap between [$1.5 and $2 million]," Pitino tweeted. "All contracts delivered to the league and school offices."

While Pitino didn't suggest that the major conferences should split from the other schools, he said the cap should be different for those leagues.

"All other conferences establish their own salary cap," he tweeted. "I would never exclude anyone from the NCAA tournament. Obviously, football is a different sport entirely and some of their talent makes more than NFL players. More solutions to follow in the coming days."