Virginia Cavaliers Men's Basketball Coach Tony Bennett has signed a five-year extension to remain with the program according to Michael Phillips of the Richmond Times-Dispatch. The extension will keep Bennett under contract with Virginia through 2019. The University was able to have Bennett sign this extension without increasing his pay.
Under the agreement, which was obtained by the Times-Dispatch, Bennett will not receive a pay increase. He currently makes $1.7 million per year, and will receive a $500,000 bonus if he is still employed for the 2014 season.
The buyout fee if Bennett leaves is also rolled back to its original level under the new contract, and will decrease each year beginning in 2014. If the coach is fired, he is entitled to collect salary for the remainder of the contract.
Bennett is coming off his first NCAA Tournament appearance after taking the job in 2009. This is the third head coach that the University has signed to an extension. Football coach Mike London and men's lacrosse coach Don Starsia have also been locked up to long-term extensions.
Bennett is also now the fourth-most tenured coach in the ACC behind Duke coach Mike Krzyzewski, Florida State coach Leonard Hamilton and North Carolina coach Roy Williams.