GW men’s basketball coach Karl Hobbs signed a one-year extension that will keep him under contract until July 2012.

Director of Athletics Jack Kvancz said that the contract was a reward for Hobbs, who has led the Colonials to three straight NCAA tournaments and a 114-65 record during his seven-year tenure.

“He’s done a great job since he’s been here and last year may have been his best job,” Kvancz said.

Through a spokesperson, Hobbs declined an interview with The Hatchet. When he resigned his contract in 2005, he said the administration – notably former University President Stephen Joel Trachtenberg – is one of the main reasons for his happiness at GW.

Kvancz added that he “thinks the world” of Hobbs and said that the former Connecticut assistant “knows what GW is about.”

Terms of the extension were not disclosed, but University tax filings give a glimpse into what GW has paid Hobbs over the years. In a filing from 2005, Hobbs’ salary was listed at nearly $400,000 with a $9,000 expense account. In a filing from 2004, Hobbs earned $342,455.

This week, ESPN.com reported that Hobbs’ buyout — the amount a team must may to lore Hobbs away — is rumored to be $1 million. Kvancz would not comment, only saying that Hobbs’s buyout is “fair” and comparable to other schools.

Whether Hobbs plans to stay at GW for the long run is a source of debate for many fans of the program. Kvancz repeatedly mentioned that he believes Hobbs is happy at GW but knows that the coach may leave for a better opportunity should it arise.

“He’s happy – today he’s happy,” Kvancz said.

“You expect him to be around for the length of the contract,” he added. “Do you know? No, but clearly when you sign someone you hope they stay around but if someone with $10 million and a 20,000 seat arena comes calling, almost anyone would do anything short of murder, mayhem or sharing a cell with O.J. (Simpson) to take that job.”

Jake Sherman contributed to this report.