Memphis is cutting 14% from its administrative and sports operation budgets.
The Tigers finished 17th in the country after a loss in the Cotton Bowl and had a game at Purdue scheduled for Sept. 12 cut by the Big Ten's decision to play only conference games this fall.
Athletic director Laird Veatch will be donating 10% of his salary for six months to the Tiger Scholarship Fund, and said men's basketball coach Penny Hardaway, football coach Ryan Silverfield and women's basketball coach Melissa McFerrin are giving back nearly $200,000 to Memphis athletics.
Veach said in a release Thursday that he appreciates the flexibility and sacrifices from his coaches and staff during "arguably (the most) uncertain financial period in our history."