The University of Minnesota and men's basketball coach Richard Pitino have agreed to a two-year contract extension, the school announced Sunday.
The agreement puts Pitino under contract through the 2023-24 season. The deal is subject to approval from the school's board of regents.
Pitino's annual salary was increased to $2 million, up from about $1.7 million this season.
If the university were to fire Pitino without cause after next season, the buyout would be $2 million. That figure drops to $1.75 million before April 30, 2021, and $1.5 million before April 30, 2022.
If Pitino were to leave for another job, he would owe the university $500,000. His retention bonus schedule also was slightly adjusted, with $100,000 due on April 30, 2020, if he is still at Minnesota, and $400,000 coming on April 30, 2021. From there, the retention bonuses increase by $100,000 per year, with $700,000 due on April 30, 2024, if he is still coaching the Gophers then.
"My family and I have loved living in the Twin Cities the last six years," Pitino said in a statement announcing the agreement. "We have met so many wonderful, supportive people. It's an honor to be able to continue to lead this Gopher basketball program. I enjoy working with my athletics director, Mark Coyle, every day. I would like to thank Mark, President Kaler, and the University for continuing to believe in me. I look forward to continuing to move this special program forward."
Pitino, 36, led the Golden Gophers to just their second NCAA tournament victory since 1990 when his team defeated seventh-seeded Louisville in this year's tourney.
He has a 112-91 record in six seasons with Minnesota and has led the Gophers to NCAA tourney appearances in two of the past three seasons.
"I am excited for Coach Pitino to continue to lead our men's basketball program," Coyle said in the statement. "Coach Pitino has developed All-Big Ten players, led deep runs into the Big Ten tournament and earned the school's ninth-ever NCAA tournament win this year. I look forward to him advancing the program further in the upcoming years."
The Associated Press contributed to this report.