Oklahoma State agreed to a perpetual five-year contract with head coach Mike Gundy, the school announced Friday.
Further terms of the deal will be released at a later date.
"Coach Gundy has elevated the Cowboys to among the most consistent winners in college football during his 17-year tenure at Oklahoma State University," athletic director Chad Weiberg said in a statement.
"Stillwater is home, and I love this community and Oklahoma State," Gundy said. "Coaching my beloved alma mater is a great honor for me. I look forward to working with my outstanding coaching staff to continue having a positive impact on the lives of the players and their families who allow us the privilege to help them succeed on the field and in life."
The 54-year-old has coached the Cowboys since 2005. During his tenure, they've compiled a 143-67 record and captured the 2011 Big 12 championship. Since 2006, Oklahoma State has made 15 consecutive postseason bowl appearances.
Gundy, a former Paul "Bear" Bryant Award winner, has led the Cowboys to a 6-0 start this season and a No. 8 ranking.
The coach reportedly agreed to a voluntary $1-million pay cut in each of the last two seasons due to the COVID-19 pandemic, per Tulsa World's Bill Haisten.
Oklahoma State will attempt to remain undefeated when it faces Iowa State on Saturday.