Lloyd takes Arizona extension, rebuffing North Carolina

Arizona and head coach Tommy Lloyd have agreed to a new contract, he announced Friday.

The five-year extension, which averages $7.5 million per season, puts Lloyd among the top five highest-paid college basketball coaches, according to ESPN's Pete Thamel and Jeff Borzello. The deal also reportedly includes significant bonuses and an increased commitment to the staff salary pool.

The contract removes Lloyd from the running for North Carolina's open head coaching position.

"Arizona basketball, you guys know what it means to me," Lloyd told reporters Friday ahead of Saturday's Final Four showdown with Michigan. "When I say it's a special place, that always comes from the bottom of my heart.

"I didn't want to make this entire Final Four about that because I'm just a small part of something much bigger. But on that same note, I'd also like to let you know that North Carolina is an amazing place. It's a one-of-one. It's an honor to even be considered for that job. The young kid - for me, the college basketball junkie - watching those games at home never would have thought something like that could have happened to somebody like me."

North Carolina's offer to Lloyd would have made him one of the two highest-paid coaches in the sport, reports Matt Norlander of CBS Sports.

As part of his new deal with Arizona, the 51-year-old will no longer report to athletic director Desiree Reed-Francois, Norlander adds.

The Wildcats have reached the NCAA Tournament in each of their five seasons under Lloyd, who led the program to its first Final Four in 25 years.