Taken together, the two amendments to a deal first signed in 2006 will have Tressel making around $3.5 million in guaranteed money and bonus pay and coaching in Columbus at least through the end of the 2014 season.
"Jim has never once come to me about compensation," Ohio Stat director of athletics Gene Smith through a university release announcing the new deal. "Jim has indicated to me he is satisfied with his salary. He is aware of the financial situation we all face in athletics and I am thankful for his service and loyalty to the goals of the department."
Smith added that there was a desire "to reward Jim for his exemplary work with our football program and lock him in as our coach for an additional two years."
The addendum Tressel signed to accept his raise in 2008 included a provision to add three years to the initial contract, but the time period to exercise that option expired at the beginning of this month.
A two-year extension at this time means Tressel can assure players he is recruiting for the class of 2011 that he will at minimum be around for the duration of the careers of all of them who do not take a redshirt.
In nine seasons as head coach of the Buckeyes, Tressel has won one national championship and posted a 94-21 record that includes a 4-3 record in BCS games and an 11-8 mark against top 10 teams.
During Tressel's tenure, Ohio State has won or shared the Big Ten title six times and leads the conference in victories, NFL draft picks and Academic All-Big Ten selections.
Tressel's Ohio State teams are 8-1 against archrival Michigan, including a school-record current six-game winning streak in the series.
"We are fortunate to have a wonderful university administration, athletics administration, coaching staff and players," Tressel said. "To be able to continue building the Ohio State tradition alongside these people, along with our band, cheerleaders, fans and university community, is an honor."
Also included in the new contract is a provision that calls for the university, at Tressel's request, to create an associate athletics director position with a $150,000 salary for him should he choose to stop coaching.
Tressel's contract addendum is subject to the approval of the Board of Trustees at the May board meeting.