NASHVILLE — Ole Miss basketball coach Chris Beard's state contract has been extended, the university announced Wednesday morning.

The extension comes exactly one year after the Rebels officially hired Beard to lead the program. He initially signed a four-year deal worth $3.25 million in base pay for the 2023-24 season. Beard was due to make $3.35 million in 2024-25 under the terms of his initial deal.

A source familiar with the negotiations told the Clarion Ledger that the new contract includes updated financial terms for Beard. Ole Miss will sometimes announce contract extensions for coaches that do not include updated terms, thanks to a state law limiting contracts to a maximum of four years. The source was granted anonymity because contract details have not yet been released.

"I appreciate Chancellor (Glenn) Boyce, (Athletic Director Keith Carter) and the Ole Miss administration for their belief and support as we continue on our path of building a championship program in Oxford," Beard said in a release. "I also want to express my gratitude to the Ole Miss fan base, supporters, alumni and our students for their dedication to our players and program. We are just getting started. Great times ahead in the SJB Pavillion and Oxford."

"The future of Ole Miss basketball could not be brighter under Coach Beard's leadership," Carter added. "His impact on every facet of our program was immediately apparent, and it has translated to a new standard of success and a culture that is building every day. He has galvanized Rebel Nation, and particularly our student body, and created a newfound passion for men's basketball that is felt throughout the entire Ole Miss community. We could not be more excited to strengthen our investment in the program and can't wait to see what the many years ahead hold with Coach Beard leading our team."

In his first campaign, Beard's Rebels finished the regular season with a 20-11 record, marking the 18th 20-win season in program history.

Ole Miss started the season with 13 consecutive wins, claiming a spot in the AP Poll for the first time in five seasons. It won five out of its first eight SEC games before the bottom fell out.

Eight losses in the past 10 games have crushed Ole Miss' at-large NCAA Tournament candidacy. The Rebels' perfect run through their nonconference schedule, ranked 252nd in the country in terms of difficulty by KenPom, did not elevate their metrics enough to keep them in the hunt as they enter SEC Tournament play in Nashville this week.

Ole Miss ranked 90th in the NET as of Tuesday evening, well below the mark that would see the Rebels considered for a bid. If they are to end up in March Madness, it will likely be by way of the auto-bid that comes with winning the SEC Tournament, which they begin on Thursday (approx. 6 p.m. CT, SEC Network) against Texas A&M. The Aggies thrashed Ole Miss by 26 points in Oxford last weekend.

If the Rebels don't make a run, Beard will enter an offseason without an NCAA Tournament bid for just the second time in eight full seasons as a Division I head coach.

Throughout the difficult stretch at the end of the season, Beard has often opined that his roster lacks the mental makeup of a team that can win, using 5-foot-5 walk-on guard Cam "Muggs" Brent as a counterexample during a press conference Saturday.

"The plan here Year Two will be to have a roster full of guys like Muggs that care and have heart and want to play for Ole Miss," Beard said. "It's (the name) on the front of the jersey, not the back of the jersey."

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Ole Miss hired Beard three months after Texas fired him for cause. Beard faced a felony domestic violence charge relating to an alleged altercation with his then-fiancee Randi Trew that was later dismissed.

Beard, a Texas alumnus, went 29-13 with the Longhorns. Previously, He posted a 112-55 record in five seasons at Texas Tech, bringing the Red Raiders to an Elite Eight and a national championship game.

His previous success, which also included a Sun Belt title and NCAA Tournament victory in one year at Arkansas Little Rock, was largely built on defense. This year's Ole Miss team is by far the worst defensive unit Beard has ever coached.

"I'll work tirelessly, and I know our staff will, to get this thing fixed as quick as we can," Beard said last week. "Including in Nashville at the SEC Tournament."

David Eckert covers Ole Miss for the Clarion Ledger. Email him at deckert@gannett.com or reach him on Twitter @davideckert98.

This article originally appeared on Mississippi Clarion Ledger: Chris Beard contract: Ole Miss basketball announces extension