FAYETTEVILLE — Arkansas has extended Mike Anderson's contract through the 2019-20 season.
Anderson will continue to make just more than $2.029 million annually with the extension and could make up to an additional $800,000 in performance-based incentives.
The contract includes a $1 million mirrored buyout if Anderson is fired by Arkansas or decides to take a job at another school. Anderson has a no-compete clause prohibiting him from taking a job at another Southeastern Conference institution.
Anderson was originally under contract through June 2018.
“Under his leadership, we have made substantial progress on the court," Arkansas athletics director Jeff Long said in a statement. "He has firmly positioned our program to once again compete for SEC championships and return to the NCAA Tournament for years to come.
"Even more dramatic, has been the transformation of the academic culture within the men’s basketball program. Coach Anderson and his staff have helped establish an expectation of graduation for all men’s basketball student-athletes.”
Anderson, who is in his fourth season as head coach of the Razorbacks, signed the extension on Dec. 3, 2014, the day before a 95-77 loss at Iowa State.
Arkansas is 11-2 this season and ranked No. 23 nationally ahead of its SEC opener at Georgia tonight. Anderson has an overall record of 70-41 with the Razorbacks, but Arkansas hasn't reached the NCAA postseason during his tenure.
Anderson was hired away from Missouri in 2011. He spent 17 seasons as an assistant coach at Arkansas from 1985-2002.
“This is the kind of commitment that confirms my decision to be the head coach at the University Arkansas and return to a place that has been so great to me and my family," Anderson said in a statement. "I know I’m the right person for this job and I know how many people in the state of Arkansas that our program touches.
"We will return to NCAA Tournaments and I will get the job done.”
Arkansas improved its win total in each of Anderson's first three seasons. The Razorbacks played in the NIT last season, marking their first postseason appearance of any kind in six years.
Season ticket sales have increased as Anderson's teams have been dominant at home, posting a 60-6 record at Bud Walton Arena. Arkansas has struggled away from home, however, with a combined 10-35 record in road and neutral site games.
Under Anderson, the Razorbacks are 26-29 in games against SEC opponents.
Anderson has guided the program into good academic standing after Arkansas lost a scholarship in his first season for previous years under the NCAA benchmark in the academic progress report. Six players graduated last spring and the Razorbacks will have a perfect APR score in the next reporting period.