MEMPHIS – Third-year Memphis basketball head coach Penny Hardaway and the University of Memphis have agreed to a five-year extension, totaling $12.25 million over the entire term.
The new agreement amends the binding MOU previously agreed upon on March 20, 2018, and is extended through April 15, 2026.
The annualized total compensation for the newly added period shall begin on April 16, 2021, as follows: $2.325M in each of the first two years; $2.5M in both years three and four; and $2.6M in the fifth year.
"Coach Hardaway has rejuvenated Memphis basketball and has shown tremendous leadership in the Tigers program," said Memphis Director of Athletics Laird Veatch.