Murray State and Steve Prohm agreed to a one-year contract extension and a pay raise on Monday after the Racers completed the most successful season in their school's history.
"It feels great," Prohm said in a text message to The Associated Press. "Ready to get back to work after the Final (Four)."
Murray State says that Prohm's base salary will be increased from $195,000 to $270,000 and his radio and TV contracts push his total compensation to $300,000, not including incentives. The new deal runs through the 2015-16 season.
"It's extraordinary to say, considering we have such a tradition rich program, but there were a number of 'firsts' for Murray State basketball this season under Coach Prohm's leadership," Racers athletic director Allen Ward said in a statement. "And this contract with Steve is also a 'first' for our program."
Ward said the school will use the boost in ticket sales from the season and the revenue from the NCAA tournament victory.
Prohm took over this year after spending five years in Murray as an assistant coach under Billy Kennedy.
The Racers started 23-0 as the last undefeated team in NCAA Division I, rising as high as ninth in the poll. After beating Colorado State in the NCAA tournament, Murray State fell to Marquette to finish the season 31-2.
"I'm very proud of what our players have been able to accomplish on and off the court this season. The way they represented Murray State was first class," Prohm said. "Without them and my tremendous staff and support staff, none of this would have been possible."
Murray State was the only Division I team to go undefeated on the road this season after winning the Ohio Valley Conference regular season and tournament title. Prohm's name came up for other vacancies, but he maintained from the start that he would be back in Murray for his second season.
Prohm and Ward met multiple times last week, and Ward said they finalized the deal on Monday morning after negotiating for five or six hours over the course of the previous week.
"It was a long week, but I never felt like there were any hang ups or hold ups in it," Ward told the AP. "I feel really good, I'm glad he's staying. I feel like we have a chance to build on what we did this year."