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MEMPHIS, Tenn. — The University of Memphis’ search for a new basketball coach has landed on Texas Tech coach Orlando “Tubby” Smith.

Smith’s contract with the Tigers is worth $15.45 million over five years, including $2.8 million in 2016-17, $2.9 million in 2017-18, and $3.25 million in the final three years.

He reportedly made $1.8 million at Texas Tech last season while leading the Red Raiders to the NCAA Tournament.

Josh Pastner’s last contract was set at $2.65 million per year.

At a noon news conference, Smith said he plans to start recruiting Friday.

He also said he will speak with the current coaching staff before making and decisions on changes.

When asked if he would consider hiring Penny Hardaway as a coach, Smith joked he can’t hire Penny because he wouldn’t come to Kentucky when he recruited him.

He went on to say he would love to speak with Hardaway if he is interested in a job with the team.

“Tubby Smith is one of the finest collegiate basketball coaches and is a man of tremendous character,” said Memphis Athletics Director Tom Bowen. “Nationally, he is highly respected as a leader of young men and as a teacher of the game. I am honored that Coach Smith has agreed to become the next head men’s basketball coach at the University of Memphis.”

Smith told Texas Tech Athletic Director Kirby Hocutt Thursday morning he was taking the Memphis job.

Smith is a 25-year veteran head coach who has led five different teams to the NCAA tournament including Kentucky where he won a national championship in 1998.

Last season, he led the Red Raiders to their first NCAA tournament play since 2007.

Smith won 67 percent of his games.

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