Athletic Director Jay Jacobs announced that Malzahn's deal for six years is a reward for the outstanding job he has done in leading the Tigers to the biggest one-season turnaround in Auburn football history.
Malzahn's salary will increase $250,000 annually through the 2019 season. His previous deal, after he was hired in December of 2012 when returned to AU from Arkansas State, was worth $2.3 million annually not counting performance bonuses and a $700,000 loan that AU agreed to pay off over a five-year period to buy out his Arkansas State contract.
Going into Saturday's SEC Championship Game vs. Missouri the Tigers are 11-1 overall and 7-1 in league play. In contrast the Tigers were 3-8 overall in 2012 and 0-8 in the league, leading to the dismissal of Gene Chizk as the head coach.
"As I've said before, we want Coach Malzahn to be at Auburn for a long time," Jacobs said. "The new contract includes a raise and extension and is our statement that Auburn is committed to Coach Malzahn for the long haul.
"While this season has been remarkable, I'm equally excited about the future of our program under his leadership," Jacobs added. "The future of Auburn football is very bright. I couldn't be more pleased with our student-athletes and our coach."
Auburn University President Dr. Jay Gogue said, "Jay made a good recommendation and I support it. A lot of programs would love to have Coach Malzahn so this is a good move that allows him to continue taking Auburn football where our fans want it.
"I've consulted with the president pro tem (Jimmy Rane) of the Auburn Board, and he let me know that he supports it as well," Gogue added.
The new deal moves Malzahn into the upper half of SEC compensation for football coaches after previously being 11th or 12th. The coach is expected to wait until after Saturday's game to comment on the new contract.
Malzahn is one of three finalists for the Maxwell Football Club's College Football Coach of the Year Award along with Missouri's Gary Pinkel and Duke's David Cutcliffe.
In his second season as a head coach, Malzahn's record is 20-4 and his Tigers take an eight-game winning streak into Saturday's SEC Championship Game in Atlanta.
Malzahn served as Auburn's offensive coordinator from 2009-2011 before moving to Arkansas State for the 2012 season, leading the Red Wolves to the Sun Belt Conference championship.