Penny Hardaway will return as Memphis Tigers head coach for the 2026-27 season, sources confirmed to ESPN. His return includes significant staff changes, specifically hiring a general manager and altering the coaching team. Hardaway, entering his ninth year at Memphis, inherits a program that finished with a disappointing 13-19 record, including a late slump losing seven consecutive games before winning the regular-season finale at Tulane.

Memphis then lost to Tulane in the American Conference tournament, marking their first losing season since 1999-2000. This was Hardaway's first losing season in eight years at Memphis, where he holds a 175-87 record. He has two years left on his contract, expiring in April 2028, with a buyout of nearly $6 million if terminated this season.

Hardaway called the season a 'failed season,' acknowledging the team's inability to secure consistent buy-in from players despite hard work.