Miller, who penned "Those Guys Have All The Fun," a book about ESPN, said the network made the move to retain Davis.
Davis has hosted the College GameDay basketball version since 2005.
"This agreement reflects our belief that Rece Davis is one of the very best in the industry," John Wildhack, ESPN's executive vice president for programming and production, said in a network release. "He's established himself as a versatile and polished pro. Chris Fowler was instrumental in building College GameDay into an award-winning and iconic program that transcends sports with its excellence, relevance and influence on the public discourse. With Rece on board, we know College GameDay will remain the show of record for college football fans."
"I'm extremely pleased to continue to call ESPN my professional home," Davis told ESPN. "The past 20 years have been extraordinarily rewarding, and this new chapter as the host of 'College GameDay' is one I eagerly embrace. I've cared deeply about college football my entire life. As a result, I'm humbled and grateful to join the brilliant men and women who have built 'GameDay' into the sport's defining show."
part 2: Very happy for @ESPN_ReceDavis! The show will be in great hands. Now, back to vacation!— Chris Fowler (@cbfowler) February 6, 2015
Fowler replaced Brent Musburger on ABC's Saturday Night Football with Kirk Herbstreit last year.
"I am truly proud and gratified to have hosted 'College GameDay' for the past 25 years, from the humble early days in the studio to its present place on the sports TV landscape," Fowler said in a statement. "Traveling the country with Lee, Kirk, Desmond, and the whole 'GameDay' family as we shared Saturday mornings with passionate football fans has been professionally and personally rewarding... and unforgettable fun."
Sincerely appreciate the well wishes. @cbfowler is a great friend &pro.We'll carry on tradition of excellence he & College Gameday fam built— Rece Davis (@ESPN_ReceDavis) February 6, 2015
Last year, Miller tweeted that Fowler's deal was in the "$35 million range."