Schiano will receive $32 million over eight years, per The Athletic's Bruce Feldman.
Negotiations between the Scarlet Knights and Schiano resumed over the weekend after the school received heavy criticism when the two sides previously failed to reach an agreement.
NJ.com reported on Saturday that New Jersey Governor Phil Murphy and his chief of staff, George Helmy, had been in contact with Schiano in recent days. A source said they wanted to make sure Rutgers succeeds in the Big Ten and they believe Schiano can make that happen.
Schiano first met with Rutgers on Nov. 5 to discuss filling the vacant head football coach position. In late September, athletic director Pat Hobbs fired coach Chris Ash after the Scarlet Knights opened the season at 1–3. After Schiano and Rutgers discussed the position for nearly three weeks, he reportedly withdrew his name from talks on Nov. 24.
Schiano previously coached Rutgers for 11 seasons from 2001-11 and led the team to bowl berths in six of his final seven seasons. He left Rutgers to coach the Tampa Bay Buccaneers for two seasons and later went on to work as Ohio State's defensive coordinator under Urban Meyer from 2016-18.
Rutgers finished the 2019 season at 2–10.