Per Dan Wolken of USA Today, there is a $6 million buyout clause if Swinney leaves Clemson after two seasons, but that number drops later in the deal.
Clemson officially announced the extension through the 2024 season, and Swinney said the following about his updated contract:
"I want to thank President [James] Clements, [athletic director] Dan Radakovich and his team, the Board of Trustees, and the entire Clemson family. My family and I have been extremely blessed to be part of such an incredible university and community for the past 14 years. This contract makes a strong statement. It is a mutual commitment reflective of the program we have built and continue to build at Clemson. The Clemson family does so much to support our program, and I couldn't be more proud to be your head coach."
Ricardo LeCompte of WYFF tweeted the following yearly breakdown of Swinney's deal, which will pay him over $6 million per season:
Per David Hood of TigerNet.com, Swinney is now the third-highest-paid coach in terms of annual salary.
The 47-year-old Swinney took over as Clemson's head coach in 2008, and he has built the program into a perennial power since then.
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The Tigers are 89-28 under Swinney, and they have reached the national championship game in each of the past two seasons.
Clemson beat Alabama to win the national championship in come-from-behind fashion last season, marking the second national title in school history and first since 1981.