TALLAHASSEE, Fla. (AP) — Florida State football coach Jimbo Fisher has signed a two-year contract extension, which will keep him at the school through the 2024 season.
Fisher has been at the university since 2007, when he was hired as the offensive coordinator and head coach in waiting. He took over as coach in 2010 after Bobby Bowden retired.
Florida State President John Thrasher said after the regular season concluded last month that renegotiating Fisher's contract was a priority.
It is the second time in Thrasher's two-year tenure that he has negotiated an extension with Fisher. Fisher signed an eight-year extension in December, 2014.
"Jimbo and I both have a great relationship. If there was something out there that will ensure he is satisfied and make it better we said we would look at it," Thrasher told The Associated Press. "I wasn't concerned about him leaving. I know he wants to be here."
Fisher was frequently asked about his interest in LSU the past two years, especially after Les Miles was fired in September. Fisher was the offensive coordinator at LSU before coming to Florida State.
Fisher has a 77-17 record, including leading the school to the 2013 BCS national championship. The 10th-ranked Seminoles (9-3) will participate in a New Year's Six game for the fifth straight season, squaring off against No. 6 Michigan in the Orange Bowl on Dec. 30.
"Florida State is a special place and I look forward to continuing to build on our past success into the future," Fisher said in a statement. "We are committed to developing young men in all phases of their lives and we have the administrative staff in place to do this."
According to the terms of the contract which were released by the school, Fisher will earn an annual salary of at least $5.5 million beginning next season. The slight increase places him in the top five among the highest paid college football coaches according to USA Today's coaching salary database.
There is also an option for two additional years to be added to the contract if the Seminoles win nine or more games during the regular season.
The biggest change is with the buyout, which looks to be around $5 million if Fisher were to leave any time before the contract expires.
In Fisher's previous contract, the buyout was $5 million if he left prior to Dec. 31, 2016, dropping to $3 million if he departed prior to Dec. 31, 2018 and $1 million after Jan. 1, 2019.
Based on the language of the new contract, Fisher would now also owe Florida State the buyout amount of each member of his staff. The contract gives an example where Fisher would owe $5.4 million if the university had to pay nine assistants $600,000 apiece.
Thrasher said the reworked buyout was one of the pivotal things the university wanted to discuss.
"If we do something to tweak it and make it positive there had to be some quid pro quo there, Thrasher said. "He understands that. It is a fair thing to do from the university's standpoint."
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