FAYETTEVILLE Arkansas basketball coach Mike Anderson has received a contract extension and pay raise.
Anderson's contract was extended two years through the 2021-22 season and his total compensation was increased to $2.55 million per year - a $2.35 million base contract with a $200,000 personal services agreement from the Razorback Foundation. He is eligible for up to an additional $1 million per year in academic- and athletic-based bonuses.
Anderson previously was under contract through March 2020 at an annual base salary of $2,250,800. Buyout terms have not changed and both Anderson and the university would have to pay $1 million per year to terminate the contract for its duration.
Anderson signed the contract extension Nov. 22, 2017, but it was not finalized until a meeting of the university's board of trustees on Thursday.
“I am appreciative of this meaningful expression of support for the continued direction of the Razorback men’s basketball program,” Anderson said in a statement. “Our entire staff and our student-athletes are committed to competing and winning in the Southeastern Conference and nationally. We are also making a difference in helping mold young men and pointing them toward their college degree. We have made significant progress, but we still have work left to do. I’m confident, with the passionate support of the Razorback fans, we can reach our goals.”
Anderson is 142-80 in his seventh season as the Razorbacks' head coach. Arkansas has a 14-6 overall record and 4-4 SEC record entering Saturday's nonconference game against Oklahoma State.
The contract extension is Anderson's third since he was hired away from Missouri in March 2011. Anderson last agreed to a contract extension in January 2015, which extended his employment by two years.
Since then Arkansas has gone to the second round of the NCAA Tournament twice and finished SEC Tournament runner-up twice, in 2015 and 2017.
Anderson's 27 wins in 2014-15 were the Razorbacks' most since the 1994-95 team won 32 games and finished national runner-up. Arkansas won 26 games last season.
Anderson signed the contract the day before Thanksgiving, but Arkansas senior associate athletics director Jon Fagg - who serves as the Razorbacks' basketball administrator - said extension talks began last April shortly after a loss to eventual national champion North Carolina in the NCAA Tournament.
“Razorback men’s basketball is on the rise," Fagg said. "Our team is among the best in the SEC this season and the upcoming recruiting classes are among the best in program history. We are excited about the future and partnering with Coach Anderson and his staff as we take our program to new heights.”
Anderson is in his 16th season as a head coach and has a career record of 342-178 in stints at Arkansas, Missouri and Alabama-Birmingham. He spent 17 seasons as an assistant coach at Arkansas from 1985-2002.
CORRECTION: This story has been changed to include Anderson's personal services agreement with the Razorback Foundation in his total compensation.