Penny Hardaway, Memphis Agree to Contract Extension Through 2027-28 Season

After being cleared of any NCAA rules violations for providing benefits to prospective student-athletes, Memphis head basketball coach Penny Hardaway has received a contract extension from the university.
Per Jason Munz of the Memphis Commercial Appeal, Hardaway has agreed to a deal with the Tigers that pays him a total of $16.5 million through the 2027-28 season.
Hardaway previously signed a five-year deal in December 2020 that kept him with the school through the 2025-26 season. That contract was a total of $12.25 million.
According to Munz, this new agreement amends the terms of that previous contract by adding two more years and increasing Hardaway's total annual compensation.
"As I have said many times, this is a dream position for me, and I do not take it for granted," Hardaway said in a statement released by the school. "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 Tigers have been the subject of an infractions investigation for several years. The NCAA announced on Sept. 27 that the program committed multiple Level II and Level III violations related to James Wiseman's eligibility status during the 2019-20 season, the basketball program and compliance staff.
Memphis' basketball program was placed on three years' probation through Sept. 26, 2025, and received a fine of $5,000 plus 0.25 percent of the men's basketball budget.
Hardaway was cleared of any wrongdoing stemming from a payment of $11,500 to Wiseman and his family prior to his arrival on campus. The former NBA All-Star was considered a booster by the NCAA at the time the payment was made because he donated $1 million to the school in 2008 to help build a sports hall of fame.
Born and raised in Memphis, Hardaway played for the Tigers from 1990-93. He moved into the coaching ranks in 2015 when he was hired as an assistant at East High School.
After Tubby Smith was fired in March 2018, the University of Memphis tabbed Hardaway as its next head basketball coach. He has led the program to four consecutive 20-win seasons.
The Tigers made the NCAA tournament last season for the first time since 2013-14. They defeated Boise State in the first round before falling to Gonzaga in the Round of 32.