Penny Hardaway is putting his money where Memphis’ roster rebuild is.
Speaking Monday at American Conference Media Day in Tampa, the Memphis coach said he personally contributed $2.6 million toward the program’s revenue sharing for the 2026-27 season. Hardaway told the Commercial Appeal that Memphis’ total revenue-sharing amount this season is $9 million.
“They didn't ask me to do it, they were saying if you want more money, you have to put your money in. So I did,” Hardaway told Jason Munz of the Commercial Appeal.
“I didn't want to fail two years in a row, because I already know what that means for me. Because it's already like the death sentence for me from so many different people, which is hilarious.”
The admission comes after a difficult year on the court. Memphis went 13-19 overall and 8-10 in the American, missing the NCAA Tournament for the first time since 2024. Before that, Hardaway had taken the Tigers to three NCAA Tournament appearances in four seasons, but last year’s finish also marked the fewest wins Memphis has had in a season since 1999-00.
The offseason brought a major reset. Memphis added nine transfers, including Pitt guard Brandin Cummings and Washington State forward Rihard Vavers. The Tigers also signed four-star guard Fred Smith Jr., who was ranked No. 97 in the 2026 recruiting cycle by 247Sports.
Hardaway’s decision reflects the way college basketball is changing, and he’s not the only coach leaning on personal money to help reshape a roster. DePaul coach Chris Holtmann said at Big East Media Day that he accepted a lower salary in his contract extension so more money could go toward revenue sharing.
“Let's change the last couple of years, really for Years 5, 6 and 7, let's change the structure of the contract where I'm making less money,” Holtmann said. “I think for me the most important thing is being competitive and in order to be competitive, we need to raise NIL. ...
It was pretty significant that I did that. I told my agent I did it and the AD had agreed to it, and he goes, 'What are you doing?'”
In Other News...
Kansas Is Changing Late Night In The Phog In A Big Way
Late Night in the Phog is getting a notable makeover this fall, and for longtime Kansas fans, the biggest change is on the floor. Instead of the usual intrasquad scrimmage, the Jayhawks will play an actual exhibition game against Division II Pittsburg State, giving the season-opening showcase a more traditional game-night feel while still keeping plenty of the familiar flourishes that have made the event a staple in Lawrence.
The format shift also comes with one conspicuous subtraction, as the musical component will no longer be part of the evening. Even so, Kansas is keeping the skits and halftime activities that have long helped make Late Night more than just a basketball preview, and the womens program will again have its own spotlight with a separate Late Night event on Oct. 29 against Washburn. [Read more 🡒]
Jeff Boschees Allen Fieldhouse Return Gives Late Night A Different Feel
Jeff Boschee is headed back to Allen Fieldhouse for the 42nd annual Late Night in the Phog, and his return adds an extra layer to one of Kansas basketballs most familiar traditions. Now the head coach at Pittsburg State, Boschee will bring his team in for an exhibition against the Jayhawks, turning a celebration of the new season into something a little more personal for a former KU starter who helped Kansas reach the 2002 Final Four.
Boschee still owns the Kansas school record for career 3-pointers, so this is a homecoming with plenty of basketball history attached to it. He has reflected on his playing days at KU and has been urging his current team to compete hard in the matchup, which gives Pittsburg State a chance to test itself in a building where Boschee once made his mark and where the spotlight will be waiting again. [Read more 🡒]
Kansas Faces Two Urgent Problems Entering The Sunflower Showdown
Kansas heads into the Sunflower Showdown trying to clean up the kind of slow offensive starts that have too often put it in a hole before it can settle in. The Jayhawks have shown the ability to move the ball once the rhythm arrives, but the first few series have been a recurring problem, and against Kansas State there is little margin for another sluggish opening.
Avery Johnson makes the assignment even trickier for Kansas, because the Wildcats quarterback can stress a defense in more than one way and force constant adjustment. The Jayhawks have enough recent evidence to know what kind of trouble that can create, and their response on both sides of the ball will go a long way toward deciding whether they can keep the rivalry game on their terms. [Read more 🡒]