Memphis’ Hardaway agrees to $12.25M contract extension
Penny Hardaway has agreed to a fiveyear contract extension worth $12.25 million with the University of Memphis that will expire after the 2025-26 season, the school announced Monday.
Hardaway, in his third season as men’s basketball coach, signed a memorandum of understanding when he was hired in March 2018. The three-year deal was worth $4.8 million. He was set to make $1.9 million this season, but he was one of the school’s employees who agreed to a pay cut as the athletic department grapples with ongoing financial strain related to COVID-19.
Hardaway, whose annual base salary will be set at $200,000, will earn $2.325 million each of the first two years, $2.5 million in the third and fourth years, and $2.6 million the fifth year. Radio and television appearance availability, public relations, public service and public speaking appearance availability will make up Hardaway’s non-salary compensation.
“Coaching at Memphis is my dream job,” Hardaway said in a school release. “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 basket
ball is in the national spotlight, and we are continuing to get better and better every day. The future is bright for the Tigers.”
Hardaway is 48-27 overall with Tigers, including back-to-back 20win seasons. He led Memphis to the second round of the National Invitation Tournament in his first season. The Tigers had the No. 1 recruiting class in the nation in 2019.
In Hardaway’s first season, Memphis ranked No. 1 nationally in increased attendance, averaging 7,840 more per game, and ranked 17th nationally in average attendance with 14,065. The Tigers ranked ninth nationally last season in average attendance with 16,312, while also ranking No. 2 nationally in increased attendance of 2,247.
Veatch told The Commercial Appeal last summer contract negotiations with Hardaway were put on hold following the onset of the coronavirus pandemic.
“I’ve greatly appreciated Penny’s perspective and understanding of our situation,” Veatch told The Commercial Appeal last week. “As we shared before, we’re both really committed to Memphis. We’re committed to having him here. I feel good about how that’s progressing and I think there will be more on that in the not-too-distant future.”
The Tigers are 5-3 this season.
Reach sports writer Jason Munz at jason.munz@commercialappeal.com.