Penny Hardaway, Memphis agree to two-year contract extension

Penny Hardaway and the Memphis Tigers are making a long-term commitment not long after the school was cleared of the most serious charges in an NCAA recruiting probe.

Memphis announced Wednesday that Hardaway has agreed to a contract extension with the school that will run through 2028. The new deal tacks two years onto the previous one, and will pay him upwards of $16.5 million.

The timing of a new deal may not be a coincidence. The program was investigated over its recruitment of James Wiseman, and was accused of several Level I infractions. Hardaway was also linked to the dreaded “lack of institutional control” claim. The investigation concluded late in September, and Memphis was hit with a small fine while Hardaway was not directly punished at all.

With Hardaway in the clear, keeping him around is a no-brainer for Memphis. He led the team back to the NCAA Tournament in 2022 and he has the reputation to put himself in the mix for some of the biggest recruits. He will look to continue the school’s upward trajectory this coming campaign.