The No. 1-ranked Seminoles are preparing for the BCS national championship game against Auburn, Jan. 6 at the Rose Bowl in Pasadena.
Sources told the Tallahassee Democrat after the ACC Championship Game earlier this month that Fisher was going to earn at least $4 million per year plus incentives -- a deal that would make him one of the nation's 10 highest-paid football coaches.
Fisher had been in the second year of a five-year deal that paid him $2.75 million annually. His overall record at FSU is 44-10, which includes last year's ACC Championship and Orange Bowl victory.
Fisher has been rumored to be a candidate for the Texas head coach job. The Seminoles hope this new contract will keep Fisher in Tallahassee.
“We are extremely pleased with the direction of our program and believe that this new contract will assure that Coach Fisher is in place to lead the Seminoles for a long time to come,” athletic director Stan Wilcox said in a statement. “Coach Fisher enjoys the full support of the leadership of the university and we look forward to the continued success of our football program on the field and in the classroom.”
The yet-to-be announced buyout numbers of his new contract will be a key to whether or not he remains an unofficial candidate for the Longhorns.
Texas athletic director Steve Patterson expects to hire a new head coach by Jan. 15.