Exact financial terms and length of contract were not disclosed.
Pinkel, who is the winningest coach in Missouri history, signed a deal in 2011 and was paid $2.35 million last year, which was 20th among head coaches, according to USA Today. He also earned another $300,000 in incentives during the 2013 season.
His assistants are also expected to receive a pay raise.
Missouri went 12-2 last season and won the Southeastern Conference Eastern Division in just their second season in the league. They beat Oklahoma State in the Cotton Bowl and finished fifth in the season-ending polls.
Pinkel has a career record of 175-100-3 in 23 seasons as a head coach.HAMILTON: Everett Golson welcomes the pressure in his return to Notre Dame