The hot air balloon landed hard during an organized balloon festival. The 472-hour commercial pilot reported that while attempting to land the hot air balloon within the "target area," he and the passenger were ejected from the basket during the hard landing. The balloon bounced and became airborne without any of the occupants. The pilot attempted to control the balloon by holding onto the balloon's tether rope. The unoccupied balloon ascended with the pilot holding onto the rope. The pilot was seriously injured when he was no longer able to hold onto the rope and fell to the ground. In the recommendation section of the Pilot/Operator Aircraft Accident Report (NTSB Form 6120.1), the pilot stated that the accident could have been prevented if he would have used a slower rate of descent. The winds at the time of the mishap were reported from 110 degrees at 4 knots.