The Portland Trail Blazers and head coach Chauncey Billups have agreed to a multi-year contract extension, the team announced Sunday.

Many league observers viewed Billups as potentially on the hot seat during the first half of the season. But the young Blazers — with Shaedon Sharpe, Anfernee Simons and Deni Avdija — have shown promise, going 22-18 since Jan. 18.

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On the season, Portland is 35-46 — a 14-win improvement over last season — and 12th in the Western Conference before wrapping up its campaign Sunday by hosting the third-seeded Los Angeles Lakers at 3:30 p.m. ET.

Billups, 48, is in his fourth season coaching Portland and is in the final year of his four-year contract. He has compiled a 116-211 record with the franchise, which is still searching for its first playoff berth during his tenure.

A Hall of Famer, Billups played 17 NBA seasons that included five All-Star appearances and an NBA championship with the Detroit Pistons in 2004, when he also earned Finals MVP.

Billups’ extension follows the Trail Blazers also signing general manager Joe Cronin to a new contract. Cronin took over as GM after Neil Olshey was dismissed approximately six months after Billups was hired as head coach.

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Under Billups and Cronin, Portland has undertaken a rebuild in which stars Damian Lillard, CJ McCollum and Norman Powell were traded away. In addition to Sharpe, Simons and Avdija, the team’s young core includes Scoot Henderson and Toumani Camara, supplemented by veterans Jerami Grant and Deandre Ayton.

The Blazers are currently slotted for the No. 9 selection in the NBA Draft, pending the outcome of the NBA Draft Lottery, which can add more talent to the roster.

Portland was officially eliminated from playoff consideration last Sunday with the Sacramento Kings’ win over the Cleveland Cavaliers. Yet the Blazers can finish just three games back of the No. 10 seed, which would have qualified them for the NBA play-in tournament.