Oklahoma’s Bob Stoops will officially join the $5 million club among college football coaches in 2014.
The University of Oklahoma Board of Regents voted Wednesday morning to modify Stoops’ current contract, which runs through the 2020 season, providing increases in the money he receives from unrestricted private funds for personal services, fund raising and other activities.
Under the amended contract, Stoops will make $5.25 million in 2014, and will cross the $6 million mark in 2019. He’s now slated to make $6.15 million in the final season of his contract.
The regents also approved modified performance bonuses for Stoops that include a $275,000 bonus for winning the College Football Playoff national championship.
Stoops became the winningest coach in OU football history last season, surpassing the legendary Barry Switzer.
Over the seven seasons remaining on Stoops’ contract, he will total $39.9 million in compensation.