Lobo head basketball coach Steve Alford signed a three-year contract extension, Athletics Director Paul Krebs announced Monday.
The contract keeps Alford signed through the 2015-16 season. There is no pay raise, and Alford will continue to make about $975,000 per year.
Like the original contract, there is no buyout clause in the extension.
However, there is an economic penalty. If Alford were to leave UNM, he would have to pay $100,000 per year until his contract expires, Krebs said.
Alford said the extension is a sign of commitment and that UNM is where he wants to be.
"I very much enjoy the University of New Mexico," he said. "I very much enjoy the Albuquerque, New Mexico area. I want to build something, along with my great staff and the players that we have coming in and the players that are returning - I want to build something special here."
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The contract was signed amidst rumors that Alford could be a candidate for the vacant head coaching job at Indiana, his alma mater.
Kelvin Sampson resigned as Hoosiers head coach earlier this season after violating NCAA recruiting policy. Alford won a national championship under head coach Bob Knight in 1987.
Knight's son, Pat, endorsed Alford as the best candidate for the Indiana job, and newspapers and Web sites have rumored that Alford might leave UNM for Indiana.
However, Alford said he has not been contacted by Indiana and doesn't plan on taking the job.
"It's not happened," he said. "That's not something that I'm even looking at or entertaining."
Alford said it is frustrating that rumors about him leaving to Indiana pop up every time there is a coaching vacancy.
He said he has fond memories of playing in his hometown of Bloomington, Ind., but the speculation does damage by worrying fans and recruits.
As for the specifics of his contract, Alford said he's not in favor of buyouts and has never had one in his 17 seasons as a head coach.
Krebs said the contract extension speaks for itself and shows the loyalty of Alford and the University.
"None of us know what the future holds, but we're very excited about the leadership that coach Alford and his staff have brought to our program," he said. "The speculation - I understand why that's there. I don't necessarily agree with it. There'll be speculation until the end of time on who's going where and when."
Alford said he is excited about building a program and continuing off a successful first season. In 2007-08, the Lobos tied a school record with 24 regular season wins and eight road victories.
Prior to Alford, UNM had a total of eight road wins in the previous five years.
The coach talked about his excitement for UNM's future, with renovations to The Pit and quality players he hopes to bring in.
For now, Alford said he wants the contract extension to end speculation of him leaving to another school.
"I don't want to have to deal with that," he said. "I want our players to know where I'm at, and I want our fan base to know where we're at. I'm wearing Lobo red, and I really enjoy that."
