Memphis went 29–6 this past season. They won the American Athletic Conference. They returned to the NCAA Tournament. On the surface, it looked like a high point for Penny Hardaway’s tenure. But when Player of the Year PJ Haggerty hit the portal asking for $4–5 million in NIL, Memphis barely blinked. The truth? This isn’t a financial problem. It’s a trust problem.
Memphis Didn’t Pay Haggerty Because of Lack of Trust in Penny Hardaway?
School sources say Memphis internally valued Haggerty at about $1.7 million—less than half his ask. They didn’t push to keep him, not because he wasn’t worth it, but because they weren’t willing to take the risk on Hardaway.
That’s not a judgment on Haggerty’s value. It’s an indictment of how little belief there is in the current direction. Seven seasons in, the university isn’t betting on a breakthrough—they’re hedging.
Penny Hardaway’s Record at Memphis
| Season | Overall | Conference | Postseason |
|---|---|---|---|
| 2018–19 | 22–14 | 11–7 | NIT Second Round |
| 2019–20 | 21–10 | 10–8 | Season Cancelled (COVID) |
| 2020–21 | 20–8 | 11–4 | NIT Champions |
| 2021–22 | 22–11 | 13–5 | NCAA Second Round |
| 2022–23 | 26–9 | 13–5 | NCAA First Round |
| 2023–24 | 22–10 | 11–7 | No Tournament |
| 2024–25 | 29–6 | 16–2 | NCAA First Round |
NCAA Tournament Performance Still Defines Coaches
Penny’s overall record is solid: 162–68. But in seven years, he’s made the NCAA Tournament three times—and won one game. Memphis fans know that’s not good enough. More importantly, Memphis boosters seem to agree. The Haggerty standoff wasn’t just about price—it was about whether the return justified the cost.
Programs with real March Madness expectations pay their stars. Teams like BYU are offering huge seven figure sums for big names in the portal, while paying the stars currently on their roster to stay with the program. That’s not happening in Memphis. Not anymore.
What Now for Memphis and Hardaway?
Hardaway still has name recognition. He still recruits. But Memphis has been through enough with him to know what the outcome usually is: a decent record, some late-season buzz, then a quick exit. At this point, the school isn’t willing to dump $5 million into that cycle.
PJ Haggerty is a loss. But this story is bigger than him. Memphis isn’t backing off NIL spending altogether—they’re just not giving it to Penny’s guys anymore. Because quietly, the school may have already moved on.
