The new deal will guarantee Hamilton $11.25 million over its duration and is retroactive to April 2020, when his previous contract expired, a source told Curt Weiler of the Tallahassee Democrat. Hamilton had reportedly been coaching on a month-to-month agreement since.
"Coach Hamilton has done so much for this basketball program and this university that it is hard to express in words," director of athletics David Coburn said in a statement. "What he does with his young men, both on and off the court, is truly remarkable.
"I know both the president and I regard him as a university treasure, and he is just now getting the national recognition he has deserved for so long. He embodies all the qualities that make a great leader, and we are proud and thrilled to have him as our coach as long as he wishes."
Hamilton, 72, has been the Seminoles head coach since March 2002. Across 19 seasons at Florida State, the three-time ACC Coach of the Year boasts a 396-225 record and is far and away the program's all-time leader in wins. He led the program to an ACC Tournament victory in 2012 and has taken it to the NCAA Tournament on seven occasions, with an eighth likely to come this season.
"I am grateful for the support the board of trustees, president Thrasher and director of athletics David Coburn continuously show our program," Hamilton said in a statement. "The extension of my contract means an awful lot to our basketball family and those coaches who have been with me throughout my career at Florida State.
"I would especially like to thank our assistant coaches, our trusted staff, and their families - coach Stan Jones, coach Charlton Young, coach Steve Smith, and coach Mike Bradley for everything they do for our program each day."
Under his new deal, Hamilton would earn a $500,000 bonus if he wins the national tournament, according to Weiler.