Auburn director of athletics, Jay Jacobs, announced the new contract for Chizik on Friday. The deal will run through the 2015 season.
"I am pleased to announce a well-deserved raise and contract extension for Coach Chizik," Jacobs said. "We believe that we have the best coach in college football. More importantly, Coach Chizik is a great mentor to our student-athletes, he represents Auburn with class and integrity in all that he does, and he is an outstanding ambassador for Auburn University."
With incentives in the deal Chizik could earn up to $4.5 million a year under the amended contract. Heading into his third season as head coach of the Tigers, Chizik has posted a 22-5 record at Auburn. He was previously making approximately $2.2 million per year.
"We will continue to provide Coach Chizik and our football program the resources needed to build a strong foundation so that we can consistently compete for championships in the future," Jacobs said. "We look forward to Coach Chizik being our coach at Auburn for a long, long time."
Chizik, whose team was honored at the White House this week, said, "I want to thank President (Jay) Gogue and Jay Jacobs for their leadership and vision and believing in the direction that we have established for the Auburn football program.
"I deeply appreciate their commitment to me and to the future of Auburn football," Chizik added. "The success that we've accomplished in the past two seasons has been possible because of the collective efforts of the football coaches and staff, players, our administration and the entire Auburn Family.
"We will continue to work tirelessly to build the foundation of the Auburn football program so that we can compete for championships regularly."
Since returning to the Auburn program from Iowa State where he spent two years as head coach, Chizik two Auburn teams have exceeded expectations. He was honored with the Home Depot, Liberty Mutual, Bear Bryant and Bobby Bowden national coach of the year awards as the Tigers posted a 14-0 record last season.
Chizik's program looks to be in good shape now and for the future, too. Auburn has signed back-to-back highly-ranked recruiting classes on Chizik's watch, including the 2011 signee class that is ranked No. 1 nationally by Scout.com.
The former Auburn defensive coordinator led the 2009 team to eight victories, including a thrilling overtime win over Northwestern in the Outback Bowl, in a transition season. Chizik became the first Auburn coach to lead his team to a bowl victory in his first season on the job.
Coach Gene Chizik
His 2010 Tigers finished the season 14-0 with a 22-19 decision over Oregon in Glendale, Ariz. Chizik's 2010 Tigers won six games against ranked teams, which was a school record, as were the team's 14 victories in one season.
His Tigers set SEC single-season records for total offense with 6,989 yards and first downs with 344. The Tigers also set school records for total points (577), points per game (41.2) and yards per game (499.2).
Also during the 2010 season, Chizik coached SEC Offensive Player of the Year Cameron Newton and the SEC Defensive Player of the Year, Nick Fairley, who was also the winner of the Lombardi Award as the nation's top lineman. Newton won the Heisman Trophy as well as two more national player of the year honors–The Maxwell Award and the Walter Camp Trophy.
Newton also won the Davey O'Brien Award as the nation's top quarterback. Chizik's offensive coordinator, Gus Malzahn, won the Frank Broyles Award as the nation's top assistant coach. Joining Fairley and Newton as an All-American was offensive tackle Lee Ziemba, who also won the Jacobs Trophy as the SEC's top blocker.