As Lobos prep for NCAA Tourney, Pitino asked about coaching rumor mill

CLEVELAND — The NCAA basketball transfer portal opens for business on Monday, meaning coaches can start recruiting players who are in it.

UNM coach Richard Pitino on Thursday said there have already been discussions with players on the current roster about next season — a process that used to wait until a season was over. The Lobos season continues Friday against Marquette in the first round of the NCAA Tournament.

“We’ve started conversations with our players because hopefully we win and we’re continuing to play, but the portal opens Monday, which is absolute insanity,” Pitino said. “But there’s going to be a lot of volatility, coaching changes, players, everything that’s going to go on.”

Ah, yes. Those coaching changes.

How, then, a reporter from Pittsburgh asked Pitino, does he handle talking to a player about next year when his name is so openly tossed around the coaching carousel rumor mill — flames the fourth-year Lobos coach has never fanned, but also hasn’t extinguished.

“When you win, you’re going to be written about. You’re going to get phone calls,” Pitino said. “It doesn’t mean you want to leave. It doesn’t mean that my players want to leave. But there’s going to be opportunities, and the biggest thing I always tell them is just continue to increase your value, and when the time is right, we’ll talk about why we feel like staying at New Mexico is the right thing for you.

“It’s the same thing with me. If a school calls, it doesn’t mean I’m looking to leave. I truly appreciate my situation at New Mexico. We’ve won 52 games in the last two years. A lot of that has to do with the support that I’ve gotten, and I greatly appreciate it.”

UNM Athletic Director Fernando Lovo is in his third month on the job and already has a high-profile coaching change under his belt with the departure of football coach Bronco Mendenhall and hiring of replacement Jason Eck.

Thursday during the Lobos’ open practice in Rocket Arena, the Journal asked Lovo for an update on what’s being done to retain Pitino, who still has three more seasons on his existing contract.

“Richard and I have had very productive conversations over the last few weeks regarding his future at UNM,” Lovo said. “He has done a tremendous job leading our program, and we are fully committed to doing everything possible to ensure he remains our head coach for a long time. We value what he has built here and look forward to continuing this success together.”

Pitino has made clear he intends to coach next year — be it UNM or elsewhere — at a place committed to investing in the program to a level that puts his team in the best position to compete for league titles and NCAA Tournament appearances.

That means investment in NIL for players, new revenue sharing initiatives, player welfare initiatives, staff salaries, chartered flights and other things that don’t necessarily have to do with Pitino’s salary, which is $1.2 million this season.

Lovo would not say what dollar figure is being discussed with Pitino, but the Journal has learned through other sources that it would be an annual salary of at least $2 million, which would make him the second highest paid coach in the Mountain West behind San Diego State’s Brian Dutcher.

Much of that money is tied to commitments from donors.

What remains unclear is what kind of investment is tied to revenue sharing and other items Pitino has mentioned.

Several top boosters who have spoken to the Journal have expressed a willingness to increase the investment in men’s basketball after watching the revenue and ticket sales dwindle for much of the past decade until Pitino and the Lobos started to sell out the Pit regularly again the past two seasons.

In addition to increased revenue from men’s basketball ticket sales, the athletics department has reported record-setting fundraising with men’s basketball being a primary factor.

Still, nothing could guarantee Pitino stays if the right offer comes from elsewhere. Such is the reality of the business.

McNeese State coach Will Wade, who is taking the North Carolina State job after his Cowboys finish their run in the NCAA Tournament, said Thursday the coaching carousel waits for nobody.

“Villanova’s trying to buy a coach out who’s in the NCAA Tournament right now!” he said.

Pitino, who has been rumored to be a candidate for Villanova’s open coaching position, remains consistent in his refusal to engage with media questions about specific jobs, including on Thursday. He noted just because his name is linked to an opening doesn’t mean he is pursuing it.

Pitino’s contract had a $750,000 buyout this year, but that was reduced by half (down to $375,000) until the end of the contract year on March 31, triggered by former athletics director Eddie Nuñez leaving in August to take the same position at the University of Houston.

On April 1, Pitino’s buyout goes up to $500,000.