Football coach Mike Gundy and Oklahoma State University officials have agreed upon a contract extension that would go through the 2019 season. The exact financial details were not released, but it is believed the deal will pay Gundy an average of $3.7 million annually.
Gundy's current contract goes through 2015 and pays Gundy approximately $2.1 million a year. It is believed that OSU initially offered Gundy a $1 million a year raise to $3.1 million per year, while Gundy's agent, Jimmy Sexton, was asking for something in the $4 million range.
“Mike Gundy has done an exceptional job of leading our football program to unprecedented success,” OSU athletics director Mike Holder said in a statement released by the university.
“More importantly, this success has been achieved by doing things the right way. Coach Gundy has created a family atmosphere in which he stresses the importance of playing by the rules, good sportsmanship, excelling in the classroom, and representing OSU in a manner that will make everyone associated with the university proud of the product on the field. This agreement recognizes the value of his leadership and rewards him for establishing himself as one of the bright young coaches in college football.”
OSU has had its greatest football success under Gundy, going 23-3 combined the last two seasons. The Cowboys capped a 12-1 season with a 41-38 overtime victory over Stanford last Monday in the Fiesta Bowl. OSU is expected to finish second or third in the final polls. OSU has set a school record for victories in each of the last two seasons.
“I love Oklahoma State University,” Gundy said in a statement released by OSU. “This is a special place. The sea of orange at the Fiesta Bowl reminded me and our exceptional coaching staff, as well as players, what an honor it is to play for the finest fan base in college football.
“I am humbled and appreciative for the new extension. Oklahoma State means a lot to me and my family. My duty is to continue building on the success we have enjoyed the past few years and make sure our program compliments the academic mission of OSU. And, we do things the right way. I want to express my thanks to President Hargis and Coach Holder. I also want to express enormous gratitude to those who have stepped up to transform our facilities, especially my fellow alumnus Boone Pickens.
“Finally, we have assembled the best football coaching staff anywhere in my book. It is a pleasure to work with each one of them. They are dedicated and enthusiastic about OSU. I am proud of them and the incredible and critical role they have played, and will continue to play, in our program’s success.”
According to Business Insider in November, only four college football coaches make $4 million a season: Texas' Mack Brown ($5.19 million), Alabama's Nick Saban ($4.833 million), Oklahoma's Bob Stoops ($4.075 million) and Ohio State's Urban Meyer ($4 million, on a contract just signed).
Six other coaches were above the $3 million threshold: LSU's Les Miles ($3.856 million), Iowa's Kirk Ferentz ($3.785 million), Arkansas' Bobby Petrino ($3.638 million), Auburn's Gene Chizik ($3.5 million), Michigan's Brady Hoke ($3.254 million) and Florida's Will Muschamp ($3.22 million).
For winning the Big 12 Championship and making a bowl game, Gundy is also in line to receive a bonus. He'll get $100,000 for winning the Big 12 and one month's salary — worth just over $35,000 — for making a bowl game.
Shortly after news of Gundy's extension hit the internet, OSU quarterback Brandon Weeden took to Twitter to voice his support.
"Congrats to Coach Gundy on his contract extension!" Weeden tweeted. "He definitely deserves it!"
The contract is subject to approval by the Oklahoma State University/A&M Board of Regents and it will be funded by the athletics department.
Assistant Sports Editor Ryan Sharp contributed to this report