Jeff Capel has been given a seven year contract extension by Oklahoma that will include a reasonable raise, according to Oklahoma president David Boren.
Along with consenus National Player of the Year Blake Griffin, Capel guided the Sooners to the Elite Eight this season, before losing to North Carolina.
Capel has been rumored to be a candidate for multiple openings, including as one of the top choices for Arizona after Tim Floyd turned down the Wildcats' offer. Memphis is also in the market for a coach after losing John Calipari to Kentucky.
"We're very pleased and proud of the leadership coach Capel has provided to our basketball program and the significant improvements that he and our team have made," Boren said in a statement. "
Capel received a two-year extension last summer that raised his salary to $1.05 million through July 2014.
"Our program has made tremendous strides the last couple of years and I continue to be excited about the direction it's heading," Capel said in a statement.
Capel has led OU to the NCAA tournament the past two years after missing the NCAAs in his first season after replacing Kelvin Sampson. Prior to coming to Oklahoma, Capel coached at VCU for four years, where he made the NCAA tournament in 2004.