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SAN JOSE, CALIFORNIA - MARCH 28: Head coach Tommy Lloyd of the Arizona Wildcats cuts down the net after defeating the Purdue Boilermakers 79-64 in the Elite Eight of the 2026 NCAA Men's Basketball Tournament at SAP Center on March 28, 2026 in San Jose, California. (Photo by Ezra Shaw/Getty Images)
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Arizona men’s basketball coach Tommy Lloyd has agreed to a new five-year contract extension at the school, dispelling rising rumors that he might leave in the next few days to take over at North Carolina.
ESPN reported the deal makes Lloyd one of the five highest-paid coaches in college basketball and will start at $7.2 million next season. It will average $7.5 million over the contract.
“I’m happy to announce I’m staying at Arizona,” Lloyd, who has led Arizona to its first Final Four since 2001, said at a press conference Friday here at the Final Four in Indianapolis. "We've been able to get some things done the past couple days.
He added: “Arizona basketball, you guys know what it means to me, and when I say it's a special place, that always comes from the bottom of my heart.”
There had been much speculation that Lloyd was using the North Carolina opening as leverage against the school and athletic director Desireé Reed-Francois to gain more resources for Name, Image and Likeness and for his staff.
He and Reed-Francois have reportedly had a somewhat difficult relationship.
“We’re thrilled to have Coach under contract and put this behind us and just focus on the national championship,” she said here Friday.
Asked if she had been concerned about potentially losing Lloyd to another school, she added: "We're really excited that we have a contract in place. Coach is exceptional at what he does and we're looking forward to the future."
Lloyd said he “never” spoke to Michael Jordan about the North Carolina job but that North Carolina “is a first-class organization.”
“I didn’t want to make this entire Final Four about that because I’m just a small part of something much bigger, but on that same note, I’d also like to let you know that North Carolina is an amazing place,” Lloyd said. "I mean, it's a one of one. It's an honor to even be considered for that job.
"The young kid, for me the college basketball junkie watching those games at home, never would have thought something like that could have happened to somebody like me.
"North Carolina is a first-class organization, and I appreciate them for the way they've handled this. Michael Jordan, the phone call never did happen, so I'll put that to rest.
"But come on, we all idolized MJ. I don't know how many hours I've watched that come fly with me video and my kid grew up watching the movie he made and just -- it's amazing that that opportunity was even thought could be possible.
“With that being said, though, I made a decision that my Michael Jordan is Steve Kerr, and I'm proud to be an Arizona Wildcat.”
North Carolina has reportedly been focusing on Lloyd and Chicago Bulls head coach Billy Donovan. One issue is that the NCAA Transfer Portal opens Tuesday, and the NBA season doesn’t end until April 12.
As of a few days ago, Donovan was the betting favorite over Lloyd.
In his five seasons as the head coach at Arizona, Lloyd has amassed a record of 148-35 (.808), which is the most wins in NCAA history for a head coach in his first five seasons. In 2025–26, Arizona delivered a historic season, compiling a 36–2 overall record, capturing both the Big 12 regular season and tournament championships and advancing the Wildcats to the Final Four for the first time since 2001 while being named The Sporting News National Coach of the Year and Big 12 Coach of the Year. Arizona's dominance throughout the season reinforced the program's place among the nation's elite and energized the global Wildcat community.
"Coach Lloyd has led our men's basketball program with clarity of purpose and a commitment to excellence," said University of Arizona President Suresh Garimella. "This past season is among the finest in Arizona Athletics history, reflecting the culture he has built and the consistency of the program. He has reestablished Arizona Basketball as one of the nation's best programs and leads a team that is unified and performing at the highest levels on the court and in the classroom. I am very pleased that we have come to an agreement extending his contract and his leadership. We look forward to continued success."
This article was originally published on Forbes.com
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