College Basketball
Memphis Basketball Coach Penny Hardaway Contract, Salary, Buyout, and Net Worth
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All posts by David EvansUpdated30 Mar 2023
Anfernee “Penny” Hardaway, a former NBA superstar, now dons a different hat as the head coach of the Memphis Tigers basketball team. Since taking the reins in 2018, Hardaway has focused on reviving the glory days of the 2000s when the Tigers were perennial NCAA Tournament contenders. In his tenure, he’s led the team to back-to-back March Madness appearances in 2022 and 2023 and an NIT title in 2020-21. This Memphis native is well on his way to turning the Tigers’ fortunes around. Here, we take a look at Penny Hardaway’s contract, salary, buyout, and net worth.
Penny Hardaway’s Contract
With this impressive track record, it’s no wonder Hardaway inked a six-year extension with Memphis in 2022. The terms of the deal, which were reported by Commercial Appeal, are worth $16.5 million over the six years, and keep him at the helm through the 2027-28 season.
For the 2022-23 season, Hardaway will earn $2.5 million, with annual increases of $100,000 throughout the life of the contract.
Incentives
In addition to his base salary, Hardaway’s contract includes a slew of performance-based incentives:
- Conference championship or NCAA Tournament appearance: $50,000
- Conference Coach of the Year award: $50,000
- National Coach of the Year award: $75,000
- Tigers reaching the Sweet Sixteen: $75,000
- Tigers reaching the Elite Eight: $75,000
- Tigers reaching the Final Four: $150,000
- Tigers winning the national championship: $250,000
- Tigers achieving a four-year Academic Progress Rate of at least 975: $10,000
Additionally, should the Tigers manage to claw their way into the Elite Eight, Hardaway will receive a $500,000 bump in his annual salary.
Penny Hardaway’s Buyout
Hardaway’s buyout details are structured as follows:
- $2 million if he leaves for a head coaching or administrative position at another university within the first three years of the deal
- $1.5 million if he leaves during the fourth or fifth year
- $1 million if he leaves within the final year
However, if Hardaway accepts an NBA head coaching job, he won’t owe Memphis a buyout. Hardaway has expressed interest in coaching in the NBA at some point in his career and has already returned to Memphis after interviewing with the Orlando Magic. So this could be something to keep an eye on once head coaching vacancies appear at the professional level.
But with Memphis being so close to Hardaway’s heart as his alma mater, it may take a really good offer to lure him away.
Should Memphis terminate Hardaway’s contract without cause, they would owe him the full remaining amount, paid monthly. If Hardaway is hired in a comparable basketball position, the university would only owe the difference in salary.
Penny Hardaway’s Net Worth
With an estimated net worth of $50 million, Hardaway’s fortune is the result of a lucrative NBA career, where he signed contracts worth over $120 million throughout his playing days. Endorsements, business ventures, and investments have also contributed to his financial success.
As Penny Hardaway continues to rebuild the Memphis Tigers, he’s proving to be worth every penny. With a mix of coaching prowess and a keen sense for business, there’s no doubt that Hardaway is on track to further elevate the Tigers and his own net worth in the years to come.
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