The school's board of governors announced Tuesday that it approved an agreement to bring back the former Scarlet Knights coach to lead the program once again. League sources told ESPN and The Athletic that Schiano, 53, received an eight-year, $32 million deal.
"Today we open the next great chapter for Rutgers football," athletic director Pat Hobbs said in a statement Tuesday. "Coach Schiano is absolutely the best person to lead our program. He brings a quality of leadership and integrity that will make all of us proud in the years ahead. I couldn't be more excited for our student-athletes and our fans.
"A lot of hard work lies ahead, but we will all keep chopping together with Coach to achieve success in the Big Ten. We all know what the goal is and we all must do our part. I can't express enough appreciation to Greg and Christy Schiano, the first family of Rutgers Football. Welcome back!"
The hiring comes over a week after both sides walked away from contract talks. According to ESPN, the school and Schiano came back to the table and reached an agreement Sunday.
"Rutgers University and this football program have meant the world to me and my family," Schiano said in a statement. "I arrived here in 2000 with the goal to build a program that would be a source of pride for the state of New Jersey and develop great young men. I look forward to embracing that challenge once again."
Schiano, a New Jersey native, posted a 68-67 record at Rutgers from 2001 to 2011. He left the school in 2012 to become head coach of the Buccaneers, but was ultimately fired after two years.
Schiano joined Ohio State and served as defensive coordinator under then-head coach Urban Meyer in 2016. He previously reached an agreement to become the next coach at Tennessee in 2017, but an uproar from fans on social media prompted the school to withdraw its offer.
Schiano left the Buckeyes after last season when the team struggled on defense, and he briefly joined the New England Patriots as an assistant before stepping down earlier this year.
Rutgers finished with a 2-10 record this season. Nunzio Campanile served as the team's interim head coach after the firing of Chris Ash only five games into the 2019 campaign.