The university has not made details of the contract public at this time, but expect news soon of the extension and raise.
Petersen, who would have made $4 million the last two years of his current contract, is getting a hefty raise. Per Pete Thamel of SI.com, Petersen will now make $4.125 million in 2017, which will escalate to over $5 million by 2023 if he stays through the duration of the new contract. The average compensation per season over the length of the new contract will be $4.875 million.
The contract will make Petersen the highest-paid head coach in the Pac-12. According to Thamel, Stanford's David Shaw made nearly $4.1 million two seasons ago, but since Stanford is a private school they don't have to make their contracts public).
Petersen made $3.6 million this past season, as well as an additional $1 million in performance-based bonuses as the Huskies won the Pac-12 Championship game and made it to the CFB Playoff, winning 12 games overall.
His assistants are also expected to get extensions and raises. Defensive Coordinator Pete Kwiatkowski was bumped to $600,000 a little over a year ago as part of a two-year deal, and Jimmy Lake earned a $120,000 raise as part of a two-year deal as well. Linebackers Coach Bob Gregory earned $50,000 more in 2016 from his $440,000 contract the year before.
The one expected to get a bigger deal is offensive coordinator Jonathan Smith, who was on a one-year contract in 2016 for $440,000.