The University of Memphis and head men's basketball coach Penny Hardaway have agreed to a contract extension spanning six seasons at a total of $16,500,000 plus incentives. The contract updates the memo of understanding agreed upon in Dec. 2020 and runs through April 15, 2028.

In four seasons at the helm of the program since 2018-19, Hardaway has amassed an 84-43 record, four-straight 20-win seasons and the 2021 National Invitation Tournament championship in addition to a 2022 NCAA Tournament appearance. The Tigers finished last season with a 22-11 record and the program's first NCAA Tournament appearance since 2014.

Hardaway's 84 wins are second-most among 14 first-time NCAA Division I head coaches hired prior to the 2018-19 season and fourth-most among Tiger head coaches in their first four seasons. In his tenure, Hardaway has mentored three first-round NBA Draft picks and four overall, three AAC Freshmen of the Year, five all-conference selections and five all-freshman honorees.

"This full 'long-form' contract and extension for Coach Hardaway has been in the works for quite some time," University of Memphis Vice President and Director of Intercollegiate Athletics Laird Veatch said. "We are extremely pleased and excited to make this commitment to keep Coach Hardaway courtside leading our Tigers for a long time. 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."

"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."

The annualized total compensation for the duration of the contract is as follows: $2.5 million for the 2022-23 season, $2.6 million for the 2023-24 season, $2.7 million for the 2024-25 season, $2.8 million for the 2025-26 season, $2.9 million for the 2026-27 season and $3 million for the 2027-28 season.

The compensation is allocated as $200,000 in base salary per year with the remaining amount as non-salary compensation divided equally between radio and television appearance availability and public relations, public service and public speaking appearance availability.