Chicago finished 8-8 in 2020 but snagged the NFC's final wild-card spot before falling to the New Orleans Saints 21-9 in the first round of the playoffs.
The NFC North club will see a significant personnel change this offseason, as defensive coordinator Chuck Pagano reportedly intends to retire after 18 seasons in the NFL.
Chicago hired Nagy in 2018, and he won Coach of the Year honors as a rookie. Pace has been the Bears' general manager for six seasons.
While Chicago backed into the playoffs thanks to the Los Angeles Rams' win over the Arizona Cardinals in Week 17, the futures of Nagy and Pace were uncertain after the Bears lost seven of their last 10 games - including their regular-season finale against the Green Bay Packers - following a 5-1 start.
Nagy led Chicago to a 12-4 record in 2018 before the team lost in the wild-card round. The Bears finished 8-8 in 2019 to miss the playoffs.