Cuonzo Martin, who withdrew himself from the running for the Marquette job after meeting with UT officials multiple times yesterday, is staying put at Tennessee. In a statement released by Tennessee, athletic director Dave Hart said, “We are proud that Cuonzo Martin will continue to lead our men’s basketball program. His three Tennessee teams have finished in the upper echelon of the SEC, and each of those teams entered the month of March in contention for an NCAA Tournament bid. His third team excelled in the postseason.”

Martin’s on court success wasn’t the only thing Hart referenced, “We have high standards and expectations for continued improvement and results in every sport in our program. Having said that, our strong finishes within the conference the past three years, prioritizing academics, representing the University with class and operating within the parameters dictated by the University of Tennessee and the NCAA matters greatly. Additionally, the social culture of the men’s basketball program has vastly improved under Cuonzo’s leadership.”

New contract details have not been finalized but are underway according to Hart, “We are working on modifications to Cuonzo’s current contract and will release details of those adjustments when finalized.”

Martin is heading into the fourth year of his five-year contract which pays him $1.35 million annually—good for 11th in the SEC. During his time on Rocky Top, the Vols are the third-winningest program in the SEC and have averaged over 20 wins a season. Look for a new contract to approach or surpass the $2 million per season range, which would likely make him among the five highest-paid coaches in the league.

“The past three seasons here at the University of Tennessee have been extremely rewarding for me, my family and my staff. We accepted some unique challenges when we took over this program in 2011, but our recent run to the Sweet Sixteen proves that our blueprint for achieving excellence both on and off the court can generate tremendous results,” Martin said in a statement.

“Just as our players have `bought in’ and made a commitment to doing things the right way in all aspects of their lives, my staff and I feel a strong commitment to them and their continued growth as men.

“Tennessee is where I want to be. That has never changed. I have said many times over the past three years that I believe we have the resources and support to be the last team standing, and that belief has never been stronger. I appreciate the unrivaled passion of this fanbase and feel the responsibility to make those fans proud. I also appreciate the commitment that the university and athletic department leadership have shown to this staff. I am excited about the future and remain honored to be the head basketball coach at Tennessee. Go Vols!”

Next up: The Vols will wait for Jarnell Stokes to make a decision on whether to enter the NBA draft or return for his senior season. Stokes is projected by many to be a mid second round pick. If Stokes doesn’t declare for the draft and doesn’t hire an agent (which is the most likely scenario), he can still be evaluated by teams and will have until April 15th to withdraw his name from consideration and retain his final year of eligibility.