Penny Hardaway's contract breakdown: Analyzing Memphis HC's salary and yearly pay

Penny Hardaway has a contract that reflects his success and popularity as the head coach of the Memphis Tigers.

The former NBA star and Memphis legend signed a six-year contract extension on October 12, 2022, that will keep him on the sidelines through the 2027-28 season.

The deal is worth $16.5 million, with incentives that could increase his earnings. He will make $2.5 million for the upcoming season and get a $100,000 raise each year, the school announced.

Hardaway has done a remarkable job in his four years at Memphis, leading the Tigers to four straight 20-win seasons, an NIT title, an NCAA Tournament berth and two-consecutive trips to the NCAA Tournament in 2022 and 2023.

Hardaway's extension came less than a month after the NCAA cleared Memphis of any major violations stemming from the James Wiseman saga. The Tigers were accused of four Level I violations and multiple Level II violations related to Wiseman's recruitment and eligibility in 2019-20.

The Independent Accountability Resolution Process (IARP) panel imposed a one-year probation, a $5,000 fine, recruiting restrictions and a two-game suspension for Hardaway. But it did not ban Memphis from the postseason or reduce its scholarships.

Hardaway responded to the findings, saying he was relieved and grateful that the investigation was over and that he could focus on coaching his team.

"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."

However, the NCAA handed coach Hardaway a three-game suspension on Wednesday for recruiting violations. He was involved in two illegal in-home visits with a top prospect from Dallas in 2021.

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Penny Hardaway signs a new contract, aims to bring Memphis back to national title contention

Head coach Penny Hardaway of the Memphis Tigers calls a play: Memphis v Gonzaga

Penny Hardaway has one clear objective for himself and his program: to win a national championship. He has not been shy about expressing his confidence that Memphis has what it takes to compete with anyone in the country, and he wants to deliver the first title to the city in nearly 50 years.

“I’m here to win championships,” Penny Hardaway said in 2018, when he took over as the head coach. “I’m here to win championships. Not just one championship. Championships.”

Hardaway's new contract is a win-win situation for him and Memphis. He gets the security and recognition he deserves, while Memphis gets to keep one of the best coaches in the country for the foreseeable future.

Hardaway has already made a huge impact on Memphis basketball, and he is poised to make it even bigger in the years to come.