(Streeter Lecka / Getty Images)

The coach who led Virginia Commonwealth from the First Four to the Final Four, and a loss Saturday to Butler, has a new deal in place to stay with VCU, according to the Charlotte Observer.

Athletic director Norwood Teague told the paper today in an e-mail: “He is staying. We agreed to terms this morning.”

Smart reportedly will make $1.2 million annually in base pay, according to the Richmond Times Dispatch. The paper reports that the deal will run “in excess of five years.”

That’s quite a raise for Smart, who make $325,000, plus bonuses and incentives this season. “We are elated to say the least,” Teague told the Times-Dispatch.

North Carolina State reportedly had been pursuing Smart and Teague confirmed as much, writing: “Yes, they talked to him and made an offer. We countered and he is staying!!!”