Clemson is giving its football coach a historic contract extension. Dabo Swinney has reportedly agreed to a 10-year, $115 million deal that runs through the 2031 college football season.

Swinney's new salary is an average of $11.5 million per year. Only Alabama head coach Nick Saban is signed to a contract with a higher average annual value.

After making $10.5 million in 2022, Swinney's salary will increase by $250,000 per year until 2026, according to The Athletic. By the end of his contract, Swinney will earn a $12.5 million salary.

The $115 million contract sets a new record for college coaches in terms of total worth. The deal surpasses the $112.5 million contract that Georgia coach Kirby Smart signed in July. Smart makes an average of $11.25 million per season.

"It is hard for me to believe I am in my 14th full season as your head coach, and I remain eternally grateful and honored for the opportunity to continue coaching and developing young people of excellence at Clemson." Swinney said in a statement. "This agreement is representative of what has been collectively built here and the success we've had both academically and athletically."

Swinney was promoted to head coach during the 2008 season, taking over after Tommy Bowden's tumultuous tenure and returning Clemson to national prominence. The Tigers have been college football's second-most successful program over the last 15 years, behind only Alabama.

Since the College Football Playoff was instituted in 2015, Clemson has made six CFP appearances. The Tigers have reached the CFP national championship game four times and won two titles.

Clemson missed the playoffs in the 2021 season with a 10-3 record, losing more than two games for the first time in seven years. Through Week 1 of the 2022 season, the Tigers are ranked fifth in the AP Top 25 Poll.

Swinney ranks third all-time for the most wins in his first 15 seasons as a head coach.

Dabo Swinney
Dabo Swinney is the third active coach to win multiple national championships. In this picture, Swinney of the Clemson Tigers celebrates his teams 44-16 win over the Alabama Crimson Tide with the trophy in the CFP National Championship presented by AT&T at Levi's Stadium in Santa Clara, California, Jan. 7, 2019. Harry How/Getty Images