Theus has rejuvenated the Aggies program with consecutive winning seasons after being hired following a 6-24 record in 2004-05. The Aggies finished 25-9 last season, won the WAC tournament and played in the NCAA tournament for the first time since 1999.

"We've talked about excellence across the board in our athletic department and Coach Theus had done a great job," athletics director McKinley Boston said Thursday. "Our goal is to have him be a member of the Aggie family for a long time."

It was announced last week that Theus was on the short list of candidates for the head coaching job with the NBA's Charlotte Bobcats. Boston said that interest wasn't talked about when the school decided to restructure the former NBA player's contract.

"We were talking about making an investment in a coach that we felt was the right fit for our program, university and our community," he said.

Theus said Thursday he was flattered about the interest in him, but he's happy to be at New Mexico State.

"I told you guys when I got here that we were going to do this thing, and not because I was a great coach, but because we are a community that could put it together," he said at a news conference.

He added: "I wouldn't tell NBA teams to go away if they called. I would listen and talk to all of them because I think I owe them that respect."

The new contract provides a financial package worth $466,000 per season and includes bonus opportunities. It also provides a continuation of the five-year roll over term and a buyout clause of two times Theus' base salary if he leaves for another position in the next two years.

Theus was paid $355,000 last season, including $275,000 in base pay and $80,000 in bonuses.