The St. Louis Post-Dispatch reported the deal will pay Pinkel $1.85 million annually, an increase of $550,000 a year from his previous contract.
"We are very pleased to make this commitment to Gary, his staff, our kids and all of our fans of the football program at Mizzou," said Director of Athletics Mike Alden. "Winning the Big 12 North title this season was the first championship of any kind in football in nearly 40 years here and we want to capitalize on this momentum."
The deal also makes Pinkel, 55, the third-highest-paid coach in the Big 12 behind Oklahoma's Bob Stoops ($3,620,000) and Mack Brown of Texas ($2,751,000).
Brown's salary makes him the 17th-highest-paid coach in the country.
Pinkel is signed through the 2012 season.
He takes his sixth-ranked Tigers to the Cotton Bowl on New Year's Day against Arkansas.