CHAMPAIGN (WCIA) — Illinois basketball coach Brad Underwood isn’t going anywhere, anytime soon, agreeing to a one-year extension and $500,000 per year raise that will keep him the Illini coach through the 2027-28 season.

Underwood gets another year added on to his existing contract, with a $300,000 bump in his annual compensation and $200,000 increase in his annual retention bonus. Just last September, Underwood received a new deal, following the Illini’s Big Ten tournament championship and No. 1 NCAA tournament seed.

Underwood’s latest increase in pay means he will net $4.6 million next season, with $100,000 increases the following four years. All of that money through the next four seasons is guaranteed, or $24 million. Also included in the extension is a reworked buyout, which will increase the amount the University would be paid, should Underwood accept employment elsewhere. The deal will continue to include bonus opportunities for advancement in the NCAA Tournament and other agreed-upon metrics.

“Brad Underwood has led a remarkable resurgence of our men’s basketball program,” Illinois athletic director Josh Whitman said in a statement. “Under his strong leadership, we have won Big Ten championships, posted one of the best three-year runs in the history of Fighting Illini men’s basketball and the Big Ten Conference, and reestablished ourselves on the national stage. Our work is far from finished, and Brad and I are hungry to continue on our upward trajectory next year and in the years beyond, but the foundation has been laid for sustained success long into the future. I am grateful to Brad, Susan, and the entire Underwood family for their commitment to the University of Illinois, and I couldn’t be more excited about continuing our journey together.”

Underwood is coming off a 23-10 season, leading Illinois to a share of the Big Ten regular season championship. The Illini finished 15-5 in the league, making their second straight appearance in the NCAA tournament, losing in the second round for the second consecutive year. In the last three seasons, Illinois has the best record in the Big Ten at 44-16, along with the best winning percentage. It’s the winningest three-year run in school history.

“We came to the University of Illinois with the vision of restoring an elite program, and the success over these last three years has only strengthened our belief in what can ultimately be achieved here,” Underwood said. “With the alignment we have from the top-down, from University administration and Josh’s outstanding leadership, to the investment by our loyal donors in providing a world-class renovated Ubben practice facility, and to our passionate fans who sell out State Farm Center every night, everything is in place for us to compete for championships.

“I’ve said this before, but on behalf of my wife Susan and our family, I want to reiterate how thankful we are for the way we’ve been welcomed into the Champaign-Urbana and U of I communities. There is simply no better place to live, no better school to represent, and no better program to lead. I am honored to coach Fighting Illini Basketball and look forward to the many exciting years that lie ahead for our program.”

The contract extension is subject to Board of Trustees approval at its next meeting on May 19.