Mike Gundy agrees to new contract

Updated: January 7, 2012, 10:16 PM ET
ESPN.com news services

STILLWATER, Okla. -- Oklahoma State football coach Mike Gundy has agreed to the framework of an eight-year contract that extends his current deal four years.

Oklahoma State president Burns Hargis and athletic director Mike Holder announced the extension Saturday, saying details are being finalized and the contract is subject to the approval of the Board of Regents.

The deal is worth $30 million over eight years, with an average value of $3.75 million, a source told ESPN's Joe Schad.

The third-ranked Cowboys beat Stanford 41-38 in overtime Monday night in the Fiesta Bowl to finish the season 12-1. Gundy, a former Oklahoma State quarterback, is 59-30 in seven seasons as head coach.

"I love Oklahoma State University. This is a special place," Gundy said. "The sea of orange at the Fiesta Bowl reminded me and our exceptional coaching staff, as well as players, what an honor it is to play for the finest fan base in college football. I am humbled and appreciative for the new extension."

Gundy is second on the school's career victory list, three behind Pat Jones.

"Mike Gundy has done an exceptional job, not only this season, but also since he was hired in January of 2005 in building a championship football program," Hargis said. "He's done it the right way. He demands his student athletes give the same dedication and effort in the classroom as they do on the field."

Information from ESPN's Joe Schad and The Associated Press was used in this report.