Penny Hardaway didn’t sugarcoat what it took to keep Memphis competitive.
At American Conference Media Day on Monday in Tampa, the Tigers coach said he put $2.6 million of his own money into Memphis’ revenue-sharing pool for the 2026-27 season. Hardaway told the Commercial Appeal that the Tigers’ total revenue-sharing figure 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 lands in a tense stretch for Hardaway and Memphis. The Tigers went 13-19 overall and 8-10 in the American last season, missing the NCAA Tournament for the first time since 2024. That drop followed a run in which Hardaway had taken Memphis to three NCAA Tournament appearances in four seasons, then hit the low point of a year that produced the fewest wins the program had seen in a single season since 1999-00.
Memphis spent the offseason overhauling the roster. The Tigers added nine transfers, with Pitt guard Brandin Cummings and Washington State forward Rihard Vavers among the newcomers. They also signed four-star guard Fred Smith Jr., who was ranked No. 97 in the 2026 recruiting cycle by 247Sports.
Hardaway is not alone in using personal money to help support 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 be redirected 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?'"