Dixon is in his 10th season at the school and this season the team finished 24-9 and lost 73-55 in the second round of the NCAA Tournament to Wichita State. Dixon has an overall record of 262–86.
Dixon is 11-9 in the tournament, though the Panthers have not advanced past the opening weekend since 2009, when it lost to Villanova in the regional finals.
"Pitt and Pittsburgh are home,” Dixon said in a release. “My family and I feel blessed to be part of such a great institution and wonderful city. It is the people who truly make a place special. I could not be surrounded by better players, staff and administration. These aren’t just people I work for and with every day. They’re friends and I’m very thankful for that. I would like to express special appreciation to our leadership team of Chancellor Mark Nordenberg, Athletic Director Steve Pederson and Executive Vice Chancellor Jerry Cochran. Their guidance and friendship have been invaluable. I greatly appreciate the faith and support they have always shown me since my arrival at Pitt.”
Dixon had signed an extension in 2010 to stay with the team through 2018 when the University of Oregon was wooing him for their vacant coaching job.
He started at Pitt as an assistant under coach Ben Howland, then was promoted to head coach after Howland left for UCLA.