(Photo credit: Trevor Ruszkowski-Imagn Images)

Arizona head coach Tommy Lloyd agreed to a five-year contract extension on Friday.

Financial terms were not disclosed by the university, however ESPN reported that the new deal will make Lloyd one of the five highest-paid coaches in college basketball. He will start next season at nearly $7.2 million and will average $7.5 million over the duration of the extension, per the network.

'I'm staying at Arizona,' Lloyd said on Friday, one day before his team takes on Michigan in the Final Four.

Lloyd, 51, has guided Arizona to a 36-2 overall record this season, capturing both the Big 12 regular-season and tournament championships and leading the Wildcats to the Final Four for the first time since 2001.

'Tommy Lloyd is the best coach in college basketball, and we have a strong conviction in the future of Arizona basketball under his leadership,' athletic director Desiree Reed-Francois said. 'Our program's success this season -- winning championships, competing on the sport's biggest stage and excelling academically -- is a testament to the standard that he and his staff have established. He has recruited and developed student-athletes of character who make a positive impact on our team, our campus and our community.

'Tommy has strengthened our foundation while honoring the tradition that makes Arizona basketball one of the premier programs in the country, and we are thrilled that he will continue to lead this program at the highest level for years to come.'

Lloyd's extension effectively ends the chatter surrounding his name being tossed around as a candidate for North Carolina's open coaching position. There were even rumors that Tar Heels legend Michael Jordan had put in a call to recruit Lloyd.

'North Carolina is an amazing place. I mean, it's a one-of-one,' Lloyd said Friday. '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 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.'

Lloyd owns a 148-35 record during his five seasons at Arizona. He has lost in the Sweet 16 three times during his Arizona tenure. The other time, he lost in the first round against Princeton in 2023.

--Field Level Media