Memphis basketball coach Penny Hardaway has agreed to a contract extension that will run through the 2027–’28 season, the University of Memphis announced Wednesday. The agreement amounts to a two-year extension and binds the school and Hardaway for the next six seasons after the 51-year-old former NBA All-Star led the Tigers to their first NCAA Tournament appearance since 2014 last season.
“As I have said many times, this is a dream position for me, and I do not take it for granted,” Hardaway said. “I would like to thank Laird Veatch, University of Memphis President Dr. Bill Hardgrave and the Board of Trustees for their support, and I cannot wait to keep working each and every day for our City, our University and our program.”
Hardaway’s deal is worth $16.5 million before incentives with a salary of $2.5 million for the upcoming season. That figure will increase by $100,000 annually over the life of the contract, according to terms released by the school. The announcement of Hardaway’s extension comes less than a month after a years-long investigation into the program resulted in little substantive punishment from the IARP.
Memphis was accused of four Level I NCAA violations and multiple Level II violations stemming from the fallout of former star prospect James Wiseman’s recruitment and the Tigers’ decision to play Wiseman early in the 2019-20 season before he’d been ruled eligible.
A former star point guard for Memphis, Hardaway is entering his fifth season with a squad projected to finish second in the AAC behind Houston in CBS Sports’ expert picks for the league. In four seasons on the job, Hardaway has coached Memphis to an 85-43 (45-24 AAC) mark.
Laird Veatch, Memphis’ vice president and director of athletics, said that the “full, long-form” contract has been in the works for quite some time. “We could not have a better fit as our head men’s basketball coach at Memphis than Hardaway, and we are very thankful for his dedication and leadership,” Veatch added.