Tommy Lloyd lets Arizona fans finally exhale with major Final Four announcement

Matt Norlander of CBS Sports reported on Friday afternoon that Arizona head coach Tommy Lloyd announced that he turned down North Carolina and will be staying with the Wildcats. Lloyd made the announcement during a press conference at the Final Four in Indianapolis.

Per Norlander, Lloyd announced that he has agreed to terms of a new contract at Arizona. This is the second time in the last year that Lloyd has agreed to a new contract with Arizona. Lloyd has insisted throughout the last week, since North Carolina fired head coach Hubert Davis, that he has been focused on coaching Arizona.

Norlander reported through his sources at CBS Sports that Lloyd was the number one target to replace Davis after North Carolina officially fired him. North Carolina and Lloyd's representatives worked out major details for him to become the Tar Heels' head coach, per Norlander.

Outgoing North Carolina athletic director Bubba Cunningham made multiple attempts to hire Lloyd, per Norlander. North Carolina was going to offer Lloyd one of the richest contracts in college basketball, but he ultimately decided to stay at Arizona for less money, according to Norlander.

"I'm happy to announce I'm staying at Arizona...We've been able to get some things done the past couple (of) days. Arizona basketball, you guys know what it means to me, and when I say it's a special place, that always comes from the bottom of my heart."

It's an honor to even be considered for that job...North Carolina is a first-class organization, and I appreciate them for the way they've handled this."

Arizona head coach Tommy Lloyd.

Arizona officially announced Tommy Lloyd extension

Arizona athletic director Desiree Reed-Francois released a statement through Arizona Athletics announcing Lloyd's extension. Pete Thamel and Jeff Borzello of ESPN reported Lloyd will be one of the highest-paid coaches in college basketball at $7.2 million annually beginning with the 2026-27 season.

North Carolina would have had to pay Arizona a $9 million buyout to hire Lloyd. That is on top of the $5 million buyout of Davis. Chicago Bulls head coach Billy Donovan and Dusty May of Michigan (Arizona's Saturday Final Four opponent) have been mentioned as primary candidates at North Carolina.

Norlander also reported that Lloyd will report to University of Arizona President Suresh Garimella instead of Reed-Francois. It has been widely reported that there has been a rift between Lloyd and Reed-Francois in recent years. Per Norlander, the friction was due to battles over NIL and staff benefits.