Matt Painter has rejected a contract offer from Missouri and decided to remain at Purdue thanks to a new and extended contract that has been agreed upon in principle, a source told CBSSports.com on Wednesday.
An official announcement is expected soon.
Painter's decision to remain at his alma mater ends a wild few days on the coaching carousel during which Purdue and Missouri both made very public pleas -- Purdue to try to keep him, Missouri to try to take him -- for the man who has been named Big Ten Coach of the Year in three of the past four seasons. Despite those honors -- and five straight NCAA tournament appearances -- Purdue had been paying Painter only $1.3 million annually. That number ranks eighth in the Big Ten and is among the reasons Missouri believed he could be lured from the place where he was tabbed as Gene Keady's replacement before Keady retired in 2005.
Details of Painter's new deal are unclear, but he will receive a significant raise. His staff will also receive notable pay increases and be afforded a budget to operate like a true high-major program, something that was never the case in Painter's first six seasons with the Boilermakers.
Missouri's search for a new coach will now move on to secondary candidates.
Mike Anderson left Missouri for Arkansas last week.