Michigan State has signed men's college basketball coach Tom Izzo to a new five-year deal valued at $6.2 million per season, giving him about $2 million more each year.
The school announced the deal Thursday, saying the rollover contract will need to be approved by its board next month.
"We greatly appreciate Coach Izzo's commitment to our outstanding university and his competitive drive to keep Spartan basketball as a national powerhouse," university president Samuel Stanley said in a statement.
Izzo, who was inducted into the Basketball Hall of Fame in 2016, won a national championship in 2000 and leads all active coaches with eight Final Four appearances. He led Michigan State to a 24th straight NCAA tournament last season. He has won the Big Ten title 10 times in the regular season and six conference tournament championships.
The 67-year-old Izzo has led the Spartans since the 1995-96 season, when he was promoted from assistant to head coach, replacing the retiring Jud Heathcote.
After a slow start, the hard-driving coach turned the program into a national powerhouse by focusing on rebounding, defending and facing top-flight competition each season before Big Ten play.
"Michigan State has been a home to me and my family for 40 years and I'm ecstatic to sign this contract," Izzo said in the statement.
The Associated Press contributed to this report.