University of Arizona men’s basketball head coach Tommy Lloyd has agreed to a five-year contract extension with the UA, adding five years to his tenure as a Wildcat, according to a press release.

Lloyd’s five-year extension will include total compensation of $5.25 million in the first year with an escalation to $6 million by 2029, secured through donor fundslanding Lloyd’s salary among the top 10 highest paid NCAA basketball coaches. The total includes Lloyd’s base salary, ‘additional duties pay’ and annual funding through agreements made with Nike and Learfield.

The new contract is pending approval of the Arizona Board of Regents. The press release makes no mention of a buyout.

The announcement from the university comes hours after it made public the news that the school had hired a new athletic director, Desire Reed-Francois of the University of Missouri.

READ MORE: University of Arizona hires new Athletic Director: Mizzou’s Reed-Francois

“All of us are aligned on maintaining a highly competitive and nationally recognized basketball program that provides a great experience for the student athletes,” Lloyd said in the press release announcing his extension. “We will continue to honor the Wildcat basketball heritage and give everything we have to make people proud to say ‘Bear Down!'”

Following this weekend’s blowout home victory over rival ASU, the Wildcat men find themselves ranked No. 4 in the AP Poll this week.

KGUN 9’s Jason Barr and Pat Parris will have more on the Lloyd’s new contract extension and Reed-Francois’ hire Monday in our 5 & 6 p.m. newscasts.