"We are pleased with the direction of our football program under the leadership of Ron," Krause said. "He has a plan in place and is right on course with that plan and this new contract provides one additional year on top of the additional year he earned by leading the Wildcats to a bowl in his first season."
The new five-year deal is retroactive to January 1, 2008, extends to December 31, 2012, and replaces the original contract signed in December of 2005.
"I am very appreciative of the commitment that the university has shown to our organization," Prince said. "The administration has proven its long-term commitment to us as a program as evident in the current facility expansion and other projects that are essential for sustained success.
"We feel that we are on schedule with our plan of building a fast, tough, strong and disciplined program and are looking forward to this season and many seasons to come."
Prince, who is entering his third season at the helm of the Wildcat program, is the first coach in school history to lead his team to a bowl game in year one and also has recorded the second-most wins, 12, by a coach in school history after the first two years on the job, just one shy from recording the most.
Among the Big 12 ranks, Prince ranks third in wins among Big 12 coaches who were hired when inheriting a program coming off consecutive losing seasons, trailing only Bob Stoops and Les Miles.
In his first two years on the job, Prince has compiled a 12-13 overall record and led Kansas State to wins over top 10 opponents in consecutive seasons, which also included the program's first-ever road win over a top 10 team last year at Texas.
K-State also produced the program's first-ever offensive consensus All-American last season in Jordy Nelson and has won two Big 12 newcomer of the year awards under Prince.
Additionally, Prince has established a high level of success in the classroom as a record number of football players were named to the Big 12 Commissioner's honor roll in 2007-08, eight players in two seasons have earned Academic All-Big 12 honors and 39 football student-athletes have earned their degrees from Kansas State over the past two seasons.
The Kansas State football program has also been recognized this past season for its graduation rate as the Wildcats ranked second among Big 12 football programs with a 69-percent graduation rate as well as 10th nationally in a recent survey by Diverse magazine for graduating African-American football players.
Prince's base salary for 2008 will be $143,000 with a total guaranteed package of $1.1 million, which includes compensation from endorsements such as television, radio, internet, personal appearances and shoe and apparel. Prince could also earn up to an additional $950,000 per year in performance-based incentives.