KNOXVILLE (WVLT-TV/GoVolsXtra) -- GoVolsXtra's Mike Griffith tells Sports Overtime that UT head basketball coach Bruce Pearl has a new contract in hand. Pearl has had the paperwork for a couple weeks and should have it signed sealed and delivered soon. It's a five year deal which will reflect the coaches financial penalty.

His previous contract had to be torn up prior to the September 10th news conference in which Pearl admitted to misleading NCAA investigators. The University of Tennessee tells Sports Overtime that the termination was a formality. The previous deal had to be terminated in order for the school's self-imposed sanctions to be put in place.