Texas has finalized a deal with Rodney Terry to promote its interim coach to the full-time role after he guided the Longhorns to the Elite Eight of the 2023 NCAA Tournament. The program announced the move Monday evening with Terry agreeing to a five-year, $15.3 million contract, sources tell CBS Sports' Matt Norlander.

Terry, who took over the team after ex-coach Chris Beard was fired midseason, coached the Longhorns to a Big 12 Tournament title and had Texas on the doorstep of its second-ever Final Four before the Longhorns were eliminated by Miami in the Midwest Regional final on Sunday. He will be formally introduced on Tuesday in a press conference on the University of Texas at 11 a.m.

Terry, 55, previously coached Fresno State for seven seasons and UTEP for three before joining Beard's staff for the 2021-22 season. Texas went 22-7 during his interim stint after he was elevated to the position following Beard's arrest for alleged felony assault in December. Texas fired Beard on Jan. 5, although charges against him were not ultimately pursued.

By promoting Terry, Longhorns athletic director Chris Del Conte is turning to someone with deep ties to the state who earned the respect of the players on the current roster during a challenging season. Terry is from the Houston suburbs and was an assistant at Texas under Rick Barnes from 2002-11, which encompassed the program's only Final Four run.

Texas has one season left in the Big 12 before the program joins the SEC beginning in the 2024-25 season. The Longhorns' No. 2 seed in the NCAA Tournament this season was its best since 2008, and its tournament run was also its deepest since 2008.