After leading the Cowboys to a 23-12 record and back to the NCAA Tournament in his debut season at OSU, Ford was awarded a four-year extension and a bump in pay to $1.8 million for this year.
At 39, Ford is the highest paid coach in the country under the age of 40.
The move gives Ford a 10-year deal that now runs through June 2019 and equates to a first-year raise of $397,600, after automatic annual increases totaling $100,000 kicked in July 1.
As part of the new contract, Ford's salary is due to increase annually, topping out at $2.8 million over the final four years of the contract. His compensation is split between salary and personal services.
On Friday, the Oklahoma A&M Board of Regents approved the deal which is designed at locking up Ford long-term and making it expensive for any school interested in hiring him away.
Along with a boost in pay, Ford's contract also includes a boost in the buyout -- from $1 million previously, to $3 million -- should he leave for another job before the conclusion of the deal.
"Coach Ford did a tremendous job rejuvenating our basketball program in his first season," said OSU athletic director Mike Holder.
"This contract rewards him for the job he has done and demonstrates OSU's commitment to him. We consider Travis a rising star in the coaching profession."