Urban development: Gators coach gets his new deal

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The long-rumored contract extension for Florida head coach Urban Meyer has finally come to fruition, the school announced today.

According to a press release, Meyer has signed a new six-year, $24 million contract.  The new deal runs through the 2014 season, and should help somewhat quiet the rumors of Meyer bolting for Notre Dame at some point in the near future.

“I continue to be very thankful and appreciative for everything the University of Florida and the Athletic program has done for me and my family,” Meyer said in a statement. “Dr. Machen, Jeremy Foley and the community make this a special place and I’m honored to be a part of it.”

“Coach Meyer has certainly proven to be one of the top college football coaches in the country and should be compensated as such,” Foley, Florida’s athletic director, said. “We are proud he is our coach and we appreciate all that he has done for the Gators.”

The new deal will make Meyer the third-highest paid coach in the nation behind USC’s Pete Carroll ($4.4 million) and Notre Dame’s Charlie Weis ($4.2 million).

However, that positioning won’t last for long as LSU’s Les Miles reportedly has a stipulation in his contract that he must be the highest-paid coach in the SEC.  According to the clause, Miles is contractually entitled to make $1,000 more than any other conference coach.

So, in essence, Miles himself just received a raise today as well, bumping his $3.75 million salary to 1K more than Meyer’s whether it be this year or next.

Of course, Alabama’s Nick Saban already earns $3.9 million, so Miles is actually sitting at $3.901 million if the reports are true.

Either way, Miles is sitting back and enjoying these contract extensions and raises from the big boys in his conference.