Oklahoma State Football: Mike Gundy's New Contract Nearly Doubles His Pay

On the heels of a BCS Bowl win over Stanford and a third-place finish nationally, Mike Gundy got some serious security from his employer, Oklahoma State University.

The coach, now entering his eighth year at the helm, just received a contract extension that locks him in through the 2019 season. That extension comes with a raise too, folks, a raise that nearly doubles Gundy's current $2.1 million salary.

While the contract rumors had been swirling, we finally get our first look at what the T. Boone and Pokes administration has been cooking up, besides T. Boone's failed insurance policy investment plan.

Gundy is signing a deal that will make him the third highest paid coach in the Big XII, behind national title winners Mack Brown at Texas and Bob Stoops at Oklahoma. So the former Oklahoma State quarterback, one-time-newspaper-rant-having head coach is in good company as he passes the $3 million mark on the pay scale.

While there are some tasty incentives that center on Big XII titles, first place conference finishes, bowl births, BCS bowl appearances and national title games, the most interesting aspects of the contract come in the retirement fund and the termination terms.

Gundy will receive $600,000 pay to a retirement fund over the terms of the contract. Think of it as a sort of deferred payment that should be added to his annual salary every year; he just has that money squirreled away for a rainy day.

On the backside, should things either go south in Stillwater or Gundy decide he would like to take his talents elsewhere, the buyouts and termination payments are both fairly steep.

Gundy's buyout is $3 million over the terms of the contract. While not inordinate, $3 million is a number that is large enough to make potential teams, thirsty for a proven coach, think twice about pursuing Mike Gundy as their head man.

On the other hand, should Oklahoma State terminate Gundy prior to the completion of the contract, the wizard lawyers have worked wonders on both sides. For Mike Gundy, should he be terminated without cause, the coach will receive 75 percent of the remaining pay for the contract. For Oklahoma State, if Gundy commits a fireable offense such as getting the Pokes embroiled in an NCAA situation, they only owe him the remainder of that current month's pay.

All in all, this seems to be a smart move for the Cowboys as they have shored up their coaching situation and have helped eliminate the risk of Gundy taking off for greener pastures. The coach has won consistently, put the Cowboys in a bowl game six of his seven seasons there and with a BCS Bowl win under his belt he seems poised to continue his unorthodox push to the top of the Big 12.