Richard Pitino, Minnesota Agree to New Contract: Latest Details, Reaction

University of Minnesota men's basketball coach Richard Pitino signed a contract extension with the Gophers on Wednesday, according to Matt Norlander of CBSSports.com:

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Pitino's updated contract has an extension on it through the 2020-21 season; he'll earn $400,000 more per season as well in "supplemental compensation." His contract terms now come out to $1.6 million/year.

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Pitino addressed the media upon signing his extension, according to Norlander:

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I am extremely grateful for this opportunity given to me by President Kaler, Beth Goetz and the University of Minnesota. Being the basketball coach at this tremendous university is something I cherish every day. My family and I love living in the Twin Cities and we look forward to continuing to build this basketball program the right way.

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Norlander reports Pitino's buyout is "north of $1 million" if he decides to leave the school before April 30, 2017.

Entering his third season as head coach, Pitino has done well to bring Minnesota basketball back on the map, winning a program-best 25 games and the National Invitation Tournament in his first year.

He did, however, experience a sophomore slump in the 2014-15 season that saw Minnesota go 18-15 overall with a 6-12 mark within the Big Ten Conference. The 32-year-old holds a 43-28 record in that span. 

Attaining such success in his early years of coaching, Pitino made it clear at the end of the 2014-15 season that he was not going to leave Minnesota, though he was being pursued by other schools, according to Sporting News' Ron Clements.

Extending his stay at Minnesota may set up a meeting with his father, Rick, the coach of the University of Louisville, who told Andy Katz of ESPN in April that he wants to schedule a three-year series with the Gophers.

Of course, Richard has plenty to do before reaching the levels his father is at. He'll have to start by focusing on an improvement in conference play.

The Gophers will be competing in an extremely competitive Big Ten Conference that is going to feature the likes of Maryland, which could be one of the best teams in the country that will feature Melo Trimble, 5-star freshman big man Diamond Stone and Jake Layman.

Add the Terps with perennial powerhouses Michigan State, national runner-up Wisconsin, Indiana and Ohio State, and Minnesota will be looking at another bottom finish in the conference somewhere between 10th and 12th because it doesn't hold the same elite talent that the best schools in the Big Ten bring in. 

Minnesota will return just three of seven players who appeared in all 33 games last season, including the team's third-leading scorer, Carlos Morris. 

Richard Pitino will have the opportunity to build the Gophers from Big Ten afterthought to power in the next few seasons, but it's going to be a process on the court and on the recruiting trail.

Stats courtesy of ESPN.com