Alabama reached an agreement with coach Nick Saban on a multiyear contract extension, the university announced Friday night.
The extension will ensure that Saban remains the highest-paid coach in college football at more than $5.62 million, CBSSports.com reported. Saban had signed an extension in March that runs through the 2020 season.
"Nick Saban and The University of Alabama have concluded a long-term agreement to keep him as head coach of the Tide," the school tweeted Friday night.
Saban, 62, is 74-14 in seven years as Alabama coach and has guided his teams to three of the last four national championships. The Crimson Tide, 11-1 this season, play Oklahoma in the Sugar Bowl on Jan. 2.
"We are very pleased to have this agreement completed," Saban said in a statement. "Terry and our family are very happy in Tuscaloosa. It has become home to us.
"This agreement allows us to continue to build on the tremendous success that we have enjoyed to this point -- successes that have transcended the football field. We are excited about the future and the University of Alabama is where I plan to end my coaching career."
Rumors have swirled that Saban might be headed for Texas. He repeatedly denied interest.
"Coach Saban is the best in the business and has led our program to the pinnacle of college football," Alabama athletic director Bill Battle said. "This agreement is a strong indication of our mutual commitment to building on the foundation he has established."
The new contract will become official when it is approved by the Compensation Committee of the Board of Trustees.
"The University of Alabama has finalized a contract agreement with the finest football coach in our country and this contract will keep Nick Saban at the University of Alabama for the remainder of his career," said Dr. Robert E. Witt, chancellor of the University of Alabama System.
The Texas job has yet to open, but Mack Brown's status could be in jeopardy after his teams have gone 30-19 the past four seasons. However, 247Sports reported Friday night that Brown weathered the storm and will remain the coach.
Brown met with Texas athletic director Steve Patterson and university president Bill Powers on Friday. All three were present for the Longhorns' football banquet on Friday evening.
Patterson, who took over as Texas athletic director in November, refused to discuss what was discussed during the private meeting with Brown or whether any decision had been made.
ESPN reported that Brown is fighting to save his job. After spending part of the day recruiting, Brown gave a short, upbeat speech at the banquet but did not discuss his future.
The Longhorns (8-4) face Oregon (10-2) in the Valero Alamo Bowl on Dec. 30 in San Antonio.