Eric Olen is a New Mexico Lobo.
The architect of UC San Diego’s magical men’s basketball season that came within a rimmed-out 3-pointer from taking mighty Michigan to overtime in the NCAA Tournament has been hired by New Mexico.
The Union-Tribune reported Saturday that he was a finalist for the job. UNM announced the hire Sunday morning, shortly after its athletic director tweeted a photo of red and white smoke billowing from a chimney, a play on the smoke signals from the Sistine Chapel when a new pope has been selected.
UCSD moved quickly and promoted 39-year-old associate head coach Clint Allard, who played there in the mid-2000s and has been on the bench for past 11 seasons, primarily overseeing the defense.
“As an alumnus of our program, he knows what it means to be a Triton,” athletic director Earl Edwards said in a news release a few hours after New Mexico’s announcement. “His ability to recruit elite scholar-athletes, his coaching acumen, and his vision for continued success in this competitive climate make him the ideal candidate to lead our program into the future.”
Edwards might not have had the option of a job search, with a strict campus-wide faculty and staff hiring freeze in place amid projections of a $200 million budget shortfall.
“This is one of the most special programs in college basketball, and my family and I are thrilled to be a part of Lobo Nation!” Olen said in the school’s news release. “I can’t wait to get to work and write the next great chapter in New Mexico basketball history.”
The Lobos finished 27-8, claimed the Mountain West regular-season title and won a game in the NCAA Tournament, but then lost against Michigan State and lost coach Richard Pitino to Xavier of the Big East. It took four days to find his replacement.
“Eric is a proven winner with an incredible track record,” said Fernando Lovo, UNM’s 36-year-old athletic director. “Beyond the accolades and success on the court, he is a values-driven leader who puts student-athletes first. We’re confident he’ll bring tremendous energy and vision to our program.”
The other known finalist was Andy Kennedy from Alabama-Birmingham, but Olen is younger (44 compared with 57) and likely came far cheaper, with his contract buyout lowered from $712,000 to $150,000 when he signed a new deal last summer.
Details like that have become important for mid-major programs scrambling to keep up with the explosion of NIL payments to players. Everything saved in paying or acquiring coaches can be diverted to building a competitive roster.
And Olen will need all the NIL he can get.
New Mexico’s roster currently has three scholarship players, all freshmen: Jovan Milicevic, Kayde Dotson and Daniel Thomas. Everyone else is out of eligibility or in the transfer portal, including Mountain West player of the year Donovan Dent (who has since committed to UCLA).
Olen’s base salary at UCSD went from $270,000 to $345,000 for 2024-25 in his new contract, plus an $85,000 “talent fee” that took it to $430,000. Performance bonuses for Big West coach of the year and the NCAA Tournament appearance elevated it to $485,000, although he will not qualify for a $65,000 “retention” bonus triggered only if he was still at UCSD on June 30.
He likely will double or triple that at New Mexico. Pitino made $1.2 million last season.
For UCSD, it is the latest challenge to sustaining the historic success of the school’s first year as a full-fledged NCAA Division I member. The top three players — Big West Player of the Year Aniwaniwa Tait-Jones, Big West Defensive Player of the Year Hayden Gray and all-conference sharpshooter Tyler McGhie — were all seniors. Now the head coach for the past 12 seasons and a fixture in the program for 21 is gone, too.
“This is a great opportunity for Eric and his family,” Edwards said in a text. “I appreciate all that he did for our basketball program, UC San Diego athletics and the university over the years. I know he will do well at New Mexico.”
