North Carolina coach Larry Fedora is under contract at the school through the 2022 season after his extension was formally approved by the UNC-Chapel Hill Board of Trustees on Thursday.
Fedora's income will rise to slightly over $3 million for the final three years of the contract. His compensation package will be slightly below $2.3 million in 2017.
"We are pleased that the Board of Trustees has approved the terms of Coach Fedora's contract, which will allow him to continue our football program's success into the next decade," North Carolina athletic director Bubba Cunningham said in a statement. "Under his leadership, our student-athletes are succeeding in the classroom, contributing positively to our community -- and competing for championships.
"We know this was a lengthy process, but we wanted to make sure the terms were appropriate for both Coach Fedora and the university."
Fedora is 40-25 in five seasons with the Tar Heels, including a 13-3 mark in ACC regular-season play over the past two seasons.
Fedora and his staff also helped turn quarterback Mitch Trubisky from a reserve into the No. 2 overall pick in the recent NFL Draft.
"I enjoy coaching at the University of North Carolina and I appreciate the trust Chancellor (Carol) Folt and Bubba Cunningham have shown in the leadership of our program," Fedora said in a statement. "Our staff and players have worked diligently over the last five years to build a program that encompasses all aspects of the student-athlete experience, while simultaneously achieving success on the field."
Fedora's contract includes various bonuses, including $200,000 for a College Football Playoff appearance, $100,000 for a New Year's Six bowl and $50,000 for other bowl game appearances or National Coach of the Year honors.