Memphis coach Josh Pastner received a new five-year contract that will keep him at the school through the 2015-16 season, the school announced Tuesday.
Pastner's new contract raises his annual compensation to $1.7 million, the school said.
The 33-year-old Pastner coached the Tigers to a 25-10 record in his second season and a berth in the NCAA tournament, where the Tigers lost to Arizona in the last possession of their second-round game.
"I have stated numerous times that the Memphis basketball job is one of the top five jobs in the country," Pastner said in a statement announcing the deal.
"We have everything we need to be successful and build championship-caliber teams. From a modern arena, to a great practice facility, to one of the strongest fan bases in the nation, to an outstanding recruiting area, Tiger basketball is one of the top five programs in the country and should always remain at that elite level," he said.
Pastner was 24-10 in his first season as a head coach last season when he took over for John Calipari, who left for Kentucky.
He was in the second year of an original five-year deal when Memphis offered him the new contract.
"Josh has proven himself to be an outstanding coach and recruiter," Memphis athletic director R.C. Johnson said in the statement. "He has also demonstrated that his values and principles, pertaining to life off the basketball court, mirror those we expect of our student-athletes. Coach Pastner's leadership qualities are exemplary, and we are pleased that he has chosen to remain with the Tiger program."
Senior writer Andy Katz covers men's college basketball for ESPN.com.