Tennessee athletic director Dave Hart confirmed the pay increase Thursday afternoon. The news was first reported by the Knoxville News-Sentinel.
Martin’s contract runs through the 2015-16 season.
Martin is 39-28 at Tennessee and has led the Volunteers to NIT appearances in each of his two seasons. In Martin’s first year on the job, Tennessee earned the No. 2 seed in the Southeastern Conference after being picked before the season to finish 11th in the league. Tennessee played the entire 2012-13 season without injured forward Jeronne Maymon, who had earned second-team all-SEC honors the previous year.
Source: Associated Press