Rutgers head coach Steve Pikiell has agreed to a four-year contract extension with the Scarlet Knights.
Rutgers are 150/1 to win the NCAAB Championship outright and Big Ten rivals Wisconsin can be backed at 66/1.
The Scarlet Knights are in action on Thursday when they take on Notre Dame in the First Four, as the four overall lowest-ranked teams and the four lowest-ranked at-large teams face off for the final four spots in the NCAA Division I Men's Basketball Tournament main draw.
Rutgers are 20/21 to win in the Money Line, while Notre Dame can be backed at 20/23.
If Rutgers win they will enter the West Regional and take on Alabama in the first round, while defeat would see their post-season campaign come to an end.
The team made the announcement prior to their Big Ten tournament quarter-final defeat against eventual conference champions Iowa.
Pikiell is in his sixth season with Rutgers and led the team to the NCAA tournament last season, where they reached the second round.
The Scarlet Knights went into the game against Iowa on Friday with an 18-12 record and bidding to become the first Rutgers team to reach the NCAA field in back-to-back since 1976.
"I love it here," Pikiell said in a statement, via Sportsnaut. "Rutgers has embraced me and my family since day one, and there is no other place I want to be.
"(Athletic director) Pat Hobbs and President (Jonathan) Holloway share in my vision to make this a program that everyone can be proud of, and I am thankful for their leadership.
"It is an honour to be the head coach at Rutgers and to do it in the toughest conference in college basketball. I look forward to continuing the hard work to bring RU a national championship."