Shaka Smart will remain the men's head basketball coach at Virginia Commonwealth.
On Wednesday, the school revealed that Smart and the university have agreed in principle to a contract extension, with the details still being finalized.
However, according to a report on SI.com, the deal is intended to keep Smart with the school through 2023 with an average annual salary of $1.5 million per year.
"Coach Smart has demonstrated through this process that he is loyal to VCU and his greatest concern lies with our program moving forward every year," said VCU director of athletics Ed McLaughlin. "Our goal was to present him with a revised agreement proactively rather than wait for another institution to step in with an offer. I believe we accomplished our goal."
Smart led the Rams to a 27-9 record this season, which included a berth in the Atlantic 10 Championship game and a selection to the NCAA Tournament. VCU crushed Akron before losing to Michigan in the third round.
He was courted by UCLA, which fired previous head coach Ben Howland over the weekend, but turned down the storied program.
The 35-year-old graduate of Kenyon College has gone 111-37 with a 50-20 overall conference mark between the Colonial Athletic Association and the A-10 since taking the reins in 2009. After winning the CBI Tournament in 2010, VCU has made three straight NCAA tourney appearances, highlighted by a Final Four berth in 2011.