By Ferd Lewis
Advertiser Columnist

There are, as the Corelone Family illustrated, some offers that you just can't refuse.

And Riley Wallace has made one to the University of Hawai'i in saying he'd like to exercise an option that would bring him back for two more years as the men's basketball coach.

As it stands now, Wallace's three-year contract is scheduled to expire April 30, 2005. But a provision in the agreement gives him the option of extending it two additional years — with the administration's approval — providing the option is exercised by Jan. 1, 2005.

In no small stroke of good fortune for the Rainbow Warriors, Wallace said he has chosen to do just that and turned the matter over to his agent while he concentrates on the coaching duties in a season that kicks off with tomorrow night's Midnight Ohana.

After last season's 21-12 run, which seemed to energize the 62-year-old coach, the expectation was that he would seek an extension. But you never know in the coaching business, so it is encouraging to hear him come out and say it this week.

Now it is in Herman Frazier's hands and what to do about it should be one of the easier decisions that has crossed the athletic director's desk in months. Indeed, the question here isn't whether to extend the contract or not but when to schedule the press conference to announce the school's winningest men's basketball coach will be around for a 20th season.

UH was fortunate in 1987 when then-athletic director Stan Sheriff brought Wallace back to rebuild what was left of a basketball program circling the drain. Time and success have helped us to sometimes forget the depth of the four bad-to-worse losing seasons and the apathy that surrounded the program.

From those beyond-humble beginnings, Wallace has gone 283-228 (.554), a solid body of work. His recent years — which have included five seasons of 19 or more wins in the last eight years — have been some of his best efforts.

As such, nobody could blame him if, at the conclusion of this season, his 18th at UH and 20th as a Division I had coach overall, he called it a career and retired to the rocking chair on the porch of his Las Vegas estate.

With his children grown, the number of grandchildren mounting and enough resources to see him through a comfortable retirement, Wallace could walk away with a proud send-off and few regrets. But having gotten good at what he does, you suspect he hankers for continuing the challenge. That and the opportunity to polish his legacy.

UH could do much worse than giving Wallace two more years to complete it.

Hopefully, we won't find out just how much worse.

Reach Ferd Lewis at flewis@honoluluadvertiser.com or 525-8044.