ALBUQUERQUE, NM–As Lobo Basketball fans normally tune into social media in hopes of new player signings this time of the year. New Mexico Athletic Director Ryan Berryman had a Men’s Basketball signing of his own that fans everywhere would be sure to like.

Tuesday afternoon it was officially announced that Head Coach Eric Olen and the University’s administration had agreed to and signed a new five-year deal that keeps the first-year lead man in Albuquerque through the 2030-2031 season.

It’s easy to say Olen overachieved in his first year at his new post. The Lobos etched an overall record of 26-11 in the history books and went 13-7 in conference play, good enough for third overall. In the postseason Olen’s squad made a run to the NIT semifinals, all of this success with an entirely new roster and coaching staff.

It was an amazing season, one that was argued by the Albuquerque Journal’s Geoff Grammer as one of the best in program history. A season with a lot of firsts as well as a few records broken.

-3,004 points scored (school-record)

-Three double-digit freshman scorers

-First Mountain West freshman to score 600 points (Jake Hall)

-117 made three pointers (single season school record)

-4 postseason wins (most by a first-year Lobo coach)

-26 wins (2nd most by a first-year Lobo coach)

This was all built on the momentum created under now Xavier Head Coach Richard Pitino, but while also building a new identity for Lobo Basketball. An identity Coach Olen’s squad will continue on this fall, with maybe the biggest win this year being the retention of two of his three freshman stars. Whom spearheaded an electrifying New Mexico offense this season.

“This past year has been an amazing experience for me and my family, it’s an honor to lead this program and walking down the ramp on game day is something I will never take for granted. The support from this community and passion of our fan base make the University of New Mexico a truly special place. I appreciate everyone that helped make year one so memorable and I’m excited to build on that foundation. Thank you to Ryan Berryman, President Stokes and the entire administration for their confidence in our staff. We will continue to work every day to make Lobo Nation proud.” said Olen

Olen’s new contract and extension further signal a new era in Albuquerque. Where New Mexico’s leadership have displayed a desire to keep their revenue generating sports competitive simultaneously. Securing new deals not only for Olen but also for another first year Head Coach who turned heads nationally with unexpected success in Jason Eck.

The new contract adds an additional year to Olen’s previous term along with a $100,000 retention bonus, paid in both May 2026 and May 2027. Along with an increase in yearly compensation from $1.3M to $1.45M and increases in years three, four and five of the contract.

Something else that changed was the coaches buyout should he be poached to “greener” pastures in the near future. If he were to leave New Mexico before March 30th, 2027, he’ll owe the University $2.95million. The previous buyout was listed at $2 million if Olen left by the same date.

Other New Deal Elements:

-Increased Assistant Coach Salary Pool

-If Olen leaves at the end of the 2027-2028, buyout is essentially double that of old contract (now $2.25 million, old $1.1 million)

After essentially being left behind in the last two major realignment cycles, it appears those in leadership positions have finally heard the message that has been constantly playing for well over a decade. “Invest or get left behind” It’s great to see they’ve heard the message and look more prepared than ever to do something about it.

Larry Muniz is a Mountain West Basketball beat writer for Couch Potato Sports along with West Coast mid-major coverage at Mid-Major Madness.

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