Dixon, 47, has experienced a mixed bag of results while spending the last decade in Pittsburgh. He's led the program to the NCAA Tournament in nine of the past 10 years, posting an impressive 262-86 record in that time. The year the Panthers didn't reach the Big Dance (2011), they won the CBI.
At the same time, Dixon's teams have never advanced past the Sweet 16, and they've been sent home during the first weekend of the NCAA Tournament more times than not. They were knocked off in the second round by Wichita State on Thursday afternoon.
Dixon's contract extension almost assuredly takes his name off any coaching searches this spring. His name has been linked to various job openings, including one with the USC Trojans.
The financial details of the extension have not been released.