Memphis and basketball coach Penny Hardaway agreed to a five-year contract extension, the school announced Monday.
The new deal runs through April 15, 2026, and will pay Hardaway $2.325 million for each of the first two years, beginning April 16, 2021; $2.5 million a year in Years 3 and 4; and $2.6 million in the final year of the pact.
Memphis hired Hardaway on March 19, 2018, to coach his alma mater. He has a 48-27 (.640) record and led the Tigers to back-to-back 20-win seasons in his first two campaigns.
“Coach Hardaway has rejuvenated Memphis basketball and has shown tremendous leadership in the Tigers program,” athletic director Laird Veatch said. “He has had top-ranked recruiting classes and is establishing the foundation of a nationally competitive program. I have really enjoyed working with him, and we are excited to have Coach lead our program in the many years to come.”
Hardaway, 49, said he is glad to be there.
“Coaching at Memphis is my dream job,” he said. “Memphis basketball is in the national spotlight, and we are continuing to get better and better every day. The future is bright for the Tigers.”
Hardaway was the No. 3 overall selection in the 1993 NBA Draft and played 14 NBA seasons. A four-time All-Star, he averaged 15.2 points, 4.5 rebounds and 5.0 assists per game.
The school also announced Monday that Tigers’ home games at FedExForum in Memphis will be played without fans in attendance until further notice, citing recommendations from health officials amid the coronavirus pandemic.
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