Memphis and head coach Penny Hardaway agreed on a six-year contract extension worth $16.5 million plus incentives. It runs through April 2028.

"As I have said many times, this is a dream position for me, and I do not take it for granted," Hardaway said Wednesday.

The Tigers have gone 84-43 in Hardaway's four seasons as head coach, including four straight 20-win campains and a first NCAA Tournament appearance since 2014. Memphis also won the 2021 National Invitation Tournament championship, defeating Mississippi State.

Four Memphis players have been drafted to the NBA since 2020: Toronto Raptors big man Precious Achiuwa, Golden State Warriors center James Wiseman, Detroit Pistons center Jalen Duren, and Minnesota Timberwolves guard Josh Minott.

Athletic director Laird Veatch said a long-term extension had been in the works for a while.

"We are extremely pleased and excited to make this commitment to keep Coach Hardaway courtside leading our Tigers for a long time," Veatch said. "We could not have a better fit as our head men's basketball coach at Memphis than Penny Hardaway, and we are very thankful for his dedication and leadership."

Memphis opens its season against Vanderbilt on Nov. 7.