The University of Tennessee announced earlier this week that head basketball coach Bruce Pearl has agreed in principle to a one-year contract extension and increased compensation.

The new agreement reportedly will be finalized soon and comes following a season in which the Vols recorded the second-most wins in school history.

The new agreement increased Pearl’s annual total compensation package to $1.3 million for the 2007-08 season and runs through the 2012-13 basketball season. Pearl’s base salary will rise from $300,000 to$325,000. In addition, Pearl receives $400,000 for radio and television commitments, a $375,000 equipment fee and a $200,000 endorsement fee.

“I am grateful to President Peterson, the Board of Trustees, Athletic Director Mike Hamilton, my staff and of course our players,” said Pearl.

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