STILLWATER — More than seven months after Mike Gundy agreed to a new contract, the Oklahoma State coach has signed the seven-year, $15.7 million deal he agreed to in December 2008. “Everything is finalized and everything is signed,” Gundy said during Friday’s media luncheon at Karsten Creek Golf Club. Gundy will average $2.242 million per season over the seven years of the contract. The contract also includes a buyout of $3 million if Gundy leaves before the contract expires. The former OSU quarterback will receive a first-year base salary of $375,000 with incremental increases throughout the seven-year deal. He will also receive incentives totaling $1.425 million beginning in 2009 with incremental increases. In addition, Gundy can earn the following incentives: $500,000 for a national championship, $100,000 for a BCS bowl game appearance or Big 12 Championship, $400,000 for participation in a bowl game three out of five years and $600,000 for participation in a bowl game four out of five seasons. For any non-BCS bowl appearance, Gundy receives one month’s salary, which varies depending on the year of the contract. The incentives remained the same as his previous contract. Since the Cowboys have played in three-straight bowl games, Gundy can earn the $600,000 bonus with a bowl berth this season, which would be the Cowboys’ fourth straight bowl appearance. The $600,000 bonus, which is the maximum bonus Gundy can receive for bowl appearances, would push the first-year compensation of the deal to more than $2 million. Gundy will also receive a “party suite” at Boone Pickens Stadium with 25 tickets, an insured automobile and fees for membership at Karsten Creek Golf Club. Gundy enters his fifth season at his alma mater with a 27-23 record.