COLUMBIA, Mo. -

The University of Missouri announced a seven-year extension for head football coach Gary Pinkel on Thursday. His new guaranteed salary will be $3.1 million annually, with a $100,000 increase each year. Pinkel can also earn up to $1.825 million in incentives.

“It is important for us to be able to recognize what Gary and his staff have achieved for the University of Missouri,” said Director of Athletics Mike Alden in a statement. “We’re very grateful to the Board of Curators and University leadership for their support of our program, which is among the best in the nation both academically and competitively."

“I’m very honored and proud to be the coach at Mizzou, and I appreciate the opportunity,” Coach Pinkel said in a statement.

The Mizzou head coach can earn as much as $400,000 in incentives based on the number of wins in a given year.

Mizzou's winningest coach would also earn $200,000 if Missouri wins the SEC championship game. He could also receive a $450,000 bonus if the Tigers win the national championship.

His academic incentives are listed at $250,000. The Mizzou football program graduated 95 of the last 97 players who used up their eligibility since 2008.

“We will work very hard to continue to build our program and to graduate our players," Pinkel continues in his statement. "It’s important for our program to keep moving forward and build on a solid foundation."

Alden described compensation figures for college coaches around the nation to be "moving targets," as they change from year to year. However, Alden estimated Pinkel's new deal would put him "ninth, 10th or 11th" among SEC coaches' compensation.

The pool money for Missouri assistant coaches also increases to $3.2 million. As it stands now, defensive coordinator Dave Steckel is the highest paid assistant with a $600,000 salary. Offensive coordinator Josh Henson ($550,000) and associate head coach/quarterbacks coach Andy Hill ($357,500) are the next highest paid assistants.

Pinkel can decide how he distributes the assistant salary pool.

"I’m pleased that my assistant coaches continue to get recognized for the work they do. We are fortunate to have a great staff at Mizzou,” the football coach said.

If Gary Pinkel ends the agreement early, he will have to pay the school $500,000 according to the terms of the extension. If Missouri ends the deal before it expires, the school will have to pay Pinkel $350,000 (his base salary) times the number of years left on the deal.

The terms of Pinkel's deferred compensation fund also change. As described by Alden, the coach will still earn $300,000 in deferred compensation. But Pinkel can now withdraw that amount from the fund's account each year for the first two years of the deal. In 2016, the third year of the deal, he can liquidate the account.

The Tigers are coming off a 12-2 season and a Cotton Bowl victory. Missouri also won its first SEC division title and played in the 2013 conference title game in Atlanta. Mizzou ended the year ranked 5th in the nation.

Gary Pinkel has been the head coach at Missouri since 2001. He is 102-63 in his 13 seasons in Columbia, with his 102 victories being the most in team history. If he remains with the Tigers until 2020 (the end of the deal), he will have coached at Missouri for 20 years.