MEMPHIS, Tenn. — After four straight 20 win seasons, Penny Hardaway is cashing in.

Hardaway and the University of Memphis agreeing to a new six-year, $16.5 million dollar contract extension, plus incentives, that will keep the native Memphian and former Tiger All-American at his alma mater 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. “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.” 

“This full ‘long-form’ contract and extension for Coach Hardaway has been in the works for quite some time,” said Tigers Athletic Director Laird Veatch. “We are extremely pleased and excited to make this commitment to keep Coach Hardaway courtside leading our Tigers for a long time. 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.” 

Over his first four seasons, Hardaway has won 84 games in leading the Tigers to an NIT Title in 2021 followed by the school’s first NCAA Tournament Appearance in eight years.

Hardaway will make $2.5 million this year. His salary will increase by $100,000 for the following five seasons, ending with a payday of $3 million for the 2027-’28 season.