Under the terms of the new agreement, which is retroactive to Feb. 1, 2006 and runs through Jan. 13, 2013, Tressel will receive $1,878,900 and a $500,000 signing bonus in the first year, making his total compensation that year $2,378,900. He will receive $2,675,900 in the final year of the contract.
"Jim Tressel is one of the finest football coaches in the country and we felt it was important to get him near the top nationally in terms of compensation," said Gene Smith, Ohio State's director of athletics. "This contract accomplishes that goal.
"In the relatively short time that I have known Jim, I have come to respect him both as a football coach and as a person of the utmost integrity. He believes in and teaches all the right values. What he has done with his players, both in the classroom and on the football field, is extraordinary. We are indeed fortunate to have him as our football coach."
Tressel, whose 2005 team posted a 10-2 record and closed out the season with a seven-game winning streak, is beginning his sixth year with the Buckeyes. During his tenure in Columbus, he has led Ohio State to an overall record of 50-13, the 2002 national championship, two Big Ten co-championships and four bowl victories, including three BCS wins in as many tries. He is 4-1 against arch-rival Michigan and 4-1 in bowl games. Three of his last four teams have finished in the top five in the national rankings. With an overall record of 180-70-2, he ranks fourth in career wins among active coaches in Division 1-A.
In the classroom, Tressel's team has an overall grade point average of 2.84. During the just completed Winter Quarter, 51 Ohio State players recorded a GPA of 3.00 or higher and three had perfect 4.00s. Additionally, 44 players currently boast a cumulative GPA of 3.00 or better and two players have realistic aspirations of becoming Rhodes scholars.
"Obviously, I am delighted with the new arrangement and I want to thank Gene Smith and President (Karen) Holbrook for their support," said Tressel. "This is the school where my dad began his college career and the school that I have followed all my life. In my opinion, no school has more to offer in terms of academics and athletics. I am certainly proud to be the football coach here and will continue to do everything I can to help prepare our student-athletes for the next step in their lives once their football careers have ended.
"Ellen and I feel very fortunate and we understand to whom much is given, much is expected."
Terms of Jim Tressel's contract:
2006 -- $2,378,900
2007 -- $2,300,900
2008 -- $2,325,900
2009 -- $2,400,900
2010 -- $2,500,900
2011 -- $2,575,900
2012 -- $2,675,900