MEMPHIS, TN (WMC) - Penny Hardaway's contract with the University of Memphis will pay him $4.8 million over three years, with plenty of room for incentives.
The new head basketball coach will receive $1.3 million for the 2018-19 season, $1.6 million in 2019-20, and $1.9 million in 2020-21.
Hardaway is in line for a $50,000 bonus if his team wins a regular season conference championship or is invited to the NCAA Tournament. He'll receive another $50,000 for winning conference coach of the year or $75,000 for winning National Coach of the Year.
A deep tournament run would be rich with bonuses for Penny, including:
- $75,000 for a Sweet 16 appearance
- $75,000 for an Elite 8 appearance
- $150,000 for a Final Four appearance
- $250,000 for teaching the NCAA Tournament final
Hardaway is also in line for a bonus if attendance at FedExForum goes up.
For any season the average attendance for Tigers games at FedExForum averages 12,000 or more, Hardaway will received a $300,000 bonus. If ticket sales for any season equal $5 million or more, Hardaway will receive a $50,000 bonus.