(Photo credit: Tommy Gilligan-Imagn Images)

Nebraska coach Matt Rhule agreed to a two-year extension that takes his contract through the 2032 season, the university announced Thursday.

Rhule, who has been linked to the vacant post at his alma mater, Penn State, does not get a change in his base salary, but the restructured deal includes salary escalators for appearances in the College Football Playoff, per the school's news release.

His base salary averages more than $11.7 million annually (including retention bonuses) and would increase by $1 million each year of the contract every time the Cornhuskers qualify for the CFP, ESPN reported on Thursday before Nebraska's announcement.

Multiple reports also said Rhule's buyout increased from $5 million to $15 million if he were to leave before the 2026 season.

The two extra years are worth $12.5 million, the same as in 2030, and are 90 percent guaranteed, ESPN reported. Rhule earns $8.5 million this year.

'The University of Nebraska, the city of Lincoln and the state of Nebraska are special. It is a place our family is proud to call home,' Rhule, 50, said in the news release. 'We have outstanding leadership from (University of Nebraska President) Dr. (Jeffrey P.) Gold and (director of athletics) Troy Dannen, and I appreciate the support and confidence they have shown in our staff. Our focus remains on building Nebraska Football into a perennial championship contender.'

Unranked Nebraska is 6-2 (3-2 in the Big Ten) and has been ranked as high as No. 25 in The Associated Press poll. Rhule is 18-15 in two-plus seasons with the Cornhuskers. They defeated Boston College in the Pinstripe Bowl last season, finishing 7-6 for their first winning season in eight years and first bowl win since 2015.

'Coach Rhule has shown he is the right leader at the right time for Nebraska Football. We look forward to him and his family being in Lincoln for a long time,' Dannen said in the news release. 'Our program has seen significant progress under Matt's leadership, and at this stage in the evolution of the program continuity and stability are critical. I welcome the opportunity to continue to partner with Matt and his staff to build a program that will make everyone associated with Nebraska Football proud. Go Big Red!'

Rhule has an overall record of 65-58, including 28-23 at Temple (2013-16) and 19-20 at Baylor (2017-19).

He went 11-27 in two-plus seasons as head coach of the NFL's Carolina Panthers before he was fired in 2022 after a 1-4 start. Nebraska hired him in November 2022.

In terms of academics, Nebraska stated that following the 2025 spring semester, the cumulative grade-point average of the football team was 3.304, the highest in the history of the program.

--Field Level Media