Schiano signs contract extension

Rutgers University and head football coach Greg Schiano have agreed to a four-year contract extension that will run through the 2016 season, it was announced today by Director of Athletics Robert E. Mulcahy III. Under the new contract, Schiano's compensation will increase to $1.5 million per year.
Increased financial resources generated by the football program, including corporate sponsorships and record ticket sales, will fund the contract increase,
The four-year extension also includes three elements that reward longevity and show a mutual commitment by Rutgers and Schiano including a house loan funded by private donations and annual longevity bonus for Schiano. The contract also includes a buyout, which begins at $1 million.
Schiano just completed his sixth season as Rutgers' head coach, leading the Scarlet Knights to an 11-2 record and the program's first bowl win with a 37-10 victory over Kansas State in the inaugural Texas Bowl. The 11 victories tied a single-season school record while the Scarlet Knights received the most national television appearances of any BIG EAST school in 2006.
"What Greg has accomplished in his six years at Rutgers is truly one of the outstanding coaching efforts in college football history. In every area of the program, on and off the field, the program has excelled under his watch, and the nation had the opportunity to see that during the 2006 season," said Mulcahy.
"I am very proud of what Greg Schiano is accomplishing with the Rutgers football program," said Richard L. McCormick, president of Rutgers. "In addition to the team's impressive performance on the field, Rutgers football continues to be ranked by the NCAA as one of the most academically successful programs in the nation. We look forward to many more years of athletic and academic success under Coach Schiano's leadership."
"Greg was on everyone's shortlist for head coaching positions, but we wanted to ensure he stays at Rutgers and in his home State of New Jersey for years to come," Mulcahy added.
"I consider it a privilege and honor to be the head coach at Rutgers and look forward to leading this program for a long time," stated Schiano. "I am grateful for the outstanding vision, leadership and commitment of President McCormick and Bob Mulcahy. Our goal remains to develop Rutgers into a national championship program."
Schiano has built the Rutgers football program into one of the nation's best. The Scarlet Knights were ranked in the Associated Press Top 10 for the first time in school history in 2006 and finished the season ranked 12th in both major collegiate rankings. For his efforts last season, Schiano was named National Coach of the Year by several media outlets and BIG EAST Coach of the Year.