MEMPHIS, Tenn. -- Memphis has finalized an extension keeping men's basketball coach Penny Hardaway under contract through April 2028.
Wednesday's announcement updates a memo of understanding agreed to in December 2020. The announcement comes two weeks after the NCAA put Memphis on three years of probation with a public reprimand and a fine but declined to punish Hardaway or give the Tigers an NCAA tournament ban.
Athletic director Laird Veatch said via a statement that the deal had been in the works for some time and that Memphis officials are excited to keep Hardaway with the Tigers for years to come.
"We could not have a better fit as our head men's basketball coach at Memphis than Penny Hardaway, and we are very thankful for his dedication and leadership," Veatch said.
Hardaway is 84-43 in his four seasons at his alma mater since being hired in March 2018. He has four straight 20-win seasons, won the 2021 National Invitation Tournament title and ended the Tigers' NCAA tournament drought at eight years with a berth this past March. The Tigers went 22-11.
He ranks second among 14 first-time Division I head coaches hired before the 2018-19 season. Hardaway also ranks fourth among Memphis head coaches over their first four seasons. He has had three players picked in the first round of the NBA draft and four chosen overall.
Hardaway thanked Veatch and Memphis president Bill Hardgrave and the board of trustees for their support.
"As I have said many times, this is a dream position for me, and I do not take it for granted," Hardaway said.
The former NBA All-Star will be paid $2.5 million this season, with his compensation increasing $100,000 per year until he reaches $3 million for the 2027-28 season. His base salary is $200,000, with the rest coming from radio and television, public relations, public service and public speaking appearances.