Meyer has been extended through 2020 as part of a contract that will make him the highest paid coach in the Big Ten and offer him the second-best annual compensation nationally at $6.5 million per year over the next six years, Ohio State Director of Athletics Gene Smith announced in a statement Monday.
"Urban Meyer has done an excellent job strengthening our culture of commitment to academics, career development and winning championships," Smith said. "Our young men continue to thrive under his leadership, whether on the playing field where they are national champions, through life skills pursuits like Real Life Wednesdays, internships and job fairs, and academically through program-wide efforts to monitor the progress of every student-athlete which has helped the team achieve its highest graduation success rate at 78 percent."
The new contract, which is retroactive to Feb. 1, 2014, is pending the approval of the Board of Trustees at its next meeting, scheduled for June 3-4.
The increase in compensation -- Meyer will be paid $5.8 million in 2015 with annual raises climbing the yearly average of the contract to the $6.5 million figure -- puts Meyer behind only Alabama head coach Nick Saban in annual income. The Crimson Tide coach is under contract at $7 million a year.
Meyer has a winning percentage of .845 with a 146-26 overall record. The 2014 national championship was his third after winning two at Florida. He and Saban are the only two coaches ever to win national championships at two different schools.
"I am honored to serve as football coach at The Ohio State University and to represent this great university," Meyer said. "It is a privilege to coach and mentor the young men in this program, and I want to thank President Drake and Mr. Smith for their support and their trust in me."