It's a one-year extension he got right before the 2011 season, but an extension he got with uncertainty of the future.
The Giants had missed the playoffs two straight years, and a third straight year could have been disastrous, which could have seen Coughlin being shown the door.
Instead, the Giants finished 9-7 with an NFC East title, got hot at the right time again, beat the Falcons and Packers, defeated the 49ers for the NFC Championship and then the Patriots to win Super Bowl XLVI.
And just like that, Coughlin was off the coaching hot seat, just like he got off the hot seat when the Giants won Super Bowl XLII back in February of 2008.
With his second Super Bowl win, Coughlin joined an elite club of coaches who have won multiple Super Bowl trophies: Joe Gibbs, Bill Parcells, Jimmy Johnson and Bill Walsh. (Parcells himself won two while the coach of the Giants.)
Not only has Coughlin earned himself a free pass, but with two Super Bowl titles in four seasons, he's earned a free pass as the Giants coach for the rest of his career.
After the Giants were presented their Super Bowl rings, Giants owner John Mara stated that they were working on a contract extension for the 65-year-old head coach and it was coming soon.
We can all speculate as to how long the extension will be for Coughlin, as it could be anywhere from three to five years.
Back in 2008, Coughlin got a four-year extension worth $21 million, which got extended into a five-year deal with the extension for 2012.
Something similar could be coming soon for the Giants head coach, although honestly, if he were to ask for a little bit of a pay raise, he's earned it for the fantastic job he's done.
If and when Coughlin does get the extension from the Giants, you have to wonder how much longer he will want to coach in the NFL?
Coughlin has made it very clear that he's not considering retirement anytime soon and still has a passion and love for the game.
Since taking over the Giants in 2004, Coughlin has complied a 74-54 record with an 8-3 playoff record, which includes two NFC Championships and two Super Bowl titles.
The only losing season Coughlin has suffered with the Giants was his first in 2004, and that was when Eli Manning was a rookie who was being transitioned into the starting role.
Before coming to the Giants, Coughlin had success at Boston College as their head coach, and then with the Jacksonville Jaguars, getting them to two AFC Championship games.
Simply put, Coughlin has done everything a professional coach can accomplish in his career and has nothing left to prove.
But because his passion for coaching is far from over, he'll continue to be at the helm of the Giants for a little while longer.
But how much longer?
Will Coughlin want to continue to coach into his 70s? Pittsburgh Steelers defensive coordinator Dick LeBeau is still one of the top NFL defensive minds, and he's 74.
What if the Giants win another championship or two within the next couple of seasons? Will a third or fourth Super Bowl championship be the way that Coughlin rides out?
Or, could Coughlin just decide that he'll coach for however long the contract extension he gets, and then after it's done, decide that he's done coaching.
Not too many coaches get to leave on their own terms, but either way, Coughlin will get to choose when he will leave the NFL and coaching.
When he gets the extension, and then whenever he decides to walk way, Coughlin has deserved it for the job he's done with the Giants.