Penny Hardaway, Memphis Agree to 5-Year, $12M Contract Extension

Former NBA star Penny Hardaway has signed a five-year contract extension to continue as the head coach at the University of Memphis, the school announced Monday. 

The deal will pay out $12.25 million through the 2025-26 season.

Hardaway, who attended Memphis, has coached the Tigers since 2018. 

In an Instagram story, Hardaway acknowledged the extension but noted his return had nothing to do with the money.

Hardaway, who previously coached at the high school and AAU levels in the area following his retirement from the league in 2008, brought Memphis to a 22-14 season when he took over for Tubby Smith. Last season, he brought in a group of recruits that was ranked No. 1 nationwide, leading to a 21-10 campaign.

One of those recruits was James Wiseman, who was drafted No. 2 overall by the Golden State Warriors, though Wiseman only played three games for the Tigers when he was handed a suspension by the NCAA for accepting money from Hardaway that helped fund a move to Memphis in 2017. Hardaway was considered a booster by the governing body because of a donation he made in 2008, per ESPN's Jeff Borzello.

"Coaching at Memphis is my dream job," Hardaway said. "I'm so thankful for the board of trustees, President Rudd, Laird Veatch and all of our loyal donors and fans for their continued support. 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."

The Tigers are 5-3 so far this season.