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