Tommy Lloyd contract details: How Arizona coach's new deal with Wildcats impacts UNC coaching search

The most speculated candidate for the North Carolina Tar Heels' high-profile vacancy is off the board.

After days of Arizona Wildcats head coach Tommy Lloyd being connected to and asked about UNC's available job, ahead of his team's Final Four appearance, the coach announced Friday that he has signed an extension to remain in Tucson.

As part of his new deal at Arizona, Lloyd becomes one of the highest-paid coaches in the country — and he reportedly turned down a lucrative UNC offer to stay with the Wildcats.

Here's what to know about Lloyd's new deal and how it will impact North Carolina's search for a head coach. 

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Tommy Lloyd contract details

• Years: 5
• AAV: $7.5 million

At a press conference on Friday afternoon, Lloyd announced he had agreed to an extension with Arizona — which officially withdrew his name from UNC's search after he was asked about the vacancy multiple times in recent days.

"I'm happy to announce I'm staying at Arizona," Lloyd said, per CBS Sports. "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."

Arizona announced that Lloyd's new deal will last five years, going through the 2031 season.

Tommy Lloyd and Arizona have agreed to a contract extension thru 2031. pic.twitter.com/lwB2qywemn

ESPN's Pete Thamel also reported the financial details of the contract. Lloyd's new contract makes him a top-five-highest-paid coach in the country, per Thamel, at $7.5 million per year. In 2026-27, the extension will begin at $7.2 million being given to Lloyd.

CBS Sports' Matt Norlander also had further contract details — as part of the agreement, Lloyd will get a "huge bump" in his staff pool, with additional incentives, and he will no longer directly report to Arizona athletic director Desireé Reed-Francois. Instead, Lloyd will now report to Arizona president Suresh Garimella; in the past, Lloyd has had "serious friction" with Reed-Francois, per Norlander, due to differences in opinions over NIL and staff benefits.

According to Norlander, North Carolina made a lucrative offer to Lloyd before he accepted Arizona's extension. The proposed UNC deal would have made Lloyd "a top-two contract" in college basketball, per Norlander, but the coach took less money to stay in Tucson.