UPDATED 1/4/2012 @ 5:17 p.m. ET: Following up on reports from Tuesday night, Boise State confirmed in a press release that Chris Petersen is on the receiving end of a contract extension and a substantial raise both this year and through the remainder of the new contract.
Petersen is now signed through Jan. 31, 2017, and will receiving $2 million in guaranteed compensation in 2012, up from the $1.675 million he was scheduled to receive under the terms of the old deal. Additionally, he will receive a $200,000 raise each of the next four years; his old contract called for a $100,000-per-year raise, provided the Broncos reached at least eight wins.
“Chris Petersen’s success in sustaining excellence in football at Boise State has created a unique opportunity for the University to achieve national attention as a school equally dedicated to academic excellence,” Boise State president Dr. Bob Kustra stated. “This has created opportunities for Boise State, its faculty, staff and students that deserves to be recognized and rewarded. Chris is a national role model for football coaches across the nation and it is my fondest hope that he will provide that leadership from Boise State for years to come.”
His buyout has also been increased to $750,000, although that’s merely financial semantics for the time being as, one, Petersen has turned down every opportunity thrown at him during his six years as BSU’s head coach and, two, that sum is a pittance for any school in a BcS conference school that wanted to try and pry him away from Boise.
“I feel honored and blessed that I will continue to lead this football team,” Petersen said. “I appreciate the support of the administration and Bronco Nation, and I’m excited about the continued growth of this program.”
While it was highly unlikely Chris Petersen was headed anywhere else, Boise State is prepared to reward their head coach for both his loyalty off the field and his team’s stellar success on it.
According to the Idaho Statesman, and for the fourth time since becoming head coach, Petersen is on the verge of receiving a new contract, with a special State Board of Education meeting scheduled for Wednesday to discuss “Head Football Coach Salary“. The Statesman notes it’s the only item on the board’s agenda.
Petersen’s new base salary is expected to be $2 million annually. He was scheduled to make $1.625 million in 2012 after making $100,000 less in 2011.
In addition to the Bruins, Petersen’s name has been heavily connected to Penn State’s search for a new head coach. The Nittany Lions have already made two runs at Petersen, and were reportedly going to make a third set of overtures at the coach. This new contract should, at least until the next spinning of the coaching carousel in 2012, put an end to the current spate of speculation.
Petersen has been at Boise State since 2001, the first five as offensive coordinator and the last six as head coach. The Broncos are 73-6 during Petersen’s head-coaching tenure, and have won at least 12 games in all but one of those seasons — a 10-3 mark in 2007.