According to Andrea Adelson of ESPN, the deal is worth $2.25 million per year and will keep the 72-year-old under contract through the 2024-25 season.
Hamilton also has up to $2 million in bonuses each year in his contract that include $150,000 for winning the ACC regular season and $200,000 for making the NCAA tournament.
Florida State director of athletics David Coburn noted the school's willingness to keep him aboard indefinitely:
"Coach Hamilton has done so much for this basketball program and this university that it is hard to express in words. What he does with his young men, both on and off the court, is truly remarkable. I know both the President and I regard him as a university treasure, and he is just now getting the national recognition he has deserved for so long. He embodies all the qualities that make a great leader, and we are proud and thrilled to have him as our coach as long as he wishes."
Hamilton is in his 19th season with the Seminoles and is the program's all-time winningest coach.
The current squad is ranked 11th in the latest Associated Press poll and is in first place in the ACC with a 10-3 conference record.
Last season, Florida State was ranked No. 4 after winning the ACC regular-season title, but the NCAA tournament was canceled due to the COVID-19 pandemic. Hamilton still has an impressive resume that includes one ACC tournament title with three trips to the Sweet 16 and one Elite Eight.
He has been named ACC Coach of the Year three times since taking over in 2002.
"While I am proud of everything we have accomplished, there is still room for improvement, and we have so much more to accomplish," Hamilton said.