The deal, which is subject to board of trustees approval, would pay Meyer an annual average of at least $6.5 million over the next six years.
Meyer, 50, coached the Buckeyes to the inaugural College Football Playoff championship to cap a 14–1 season during his third year at OSU. His previous contract ran through the 2017 season and would have paid him $4.9 million in 2015. Meyer's new deal, which is retroactive to Feb. 1, will pay him $5.8 million for 2015.
"Urban Meyer has done an excellent job strengthening our culture of commitment to academics, career development and winning championships," Ohio State athletic director Gene Smith said in a release. "Our young men continue to thrive under his leadership, whether on the playing field where they are national champions, through life skills pursuits like Real Life Wednesdays, internships and job fairs, and academically through program-wide efforts to monitor the progress of every student-athlete which has helped the team achieve its highest graduation success rate at 78 percent.
"Additionally, he continues to develop his coaches and attract talented leaders when needed."
Meyer's .845 winning percentage (142–26) is the highest among active FBS coaches with at least 10 years of Division I experience. At Ohio State, he has coached the Buckeyes to a 38–3 record and 24–0 mark in Big Ten conference play.
- Mike Fiammetta