Matt Rhule receives a contract extension at Nebraska following speculation about Penn State

Matt Rhule Signs Two-Year Extension with Nebraska

It seems another candidate for the Penn State coaching job has been taken off the list. Nebraska’s coach, Matt Rhule, has officially signed a two-year contract extension, as announced by the school on Thursday.

This new deal extends Rhule’s contract through to the end of the 2032 season. Interestingly, while his base salary remains unchanged, it now includes a new escalator that comes into play if the team qualifies for the College Football Playoff.

Currently, Rhule earns $8.5 million a year, according to records. However, his existing contract already has an escalator provision, which will rise to $11 million in 2027 and further to $12.5 million by 2030.

The updated contract also raises his buyout amount from $5 million to a significant $15 million this year. This change effectively secures him at Nebraska and eliminates his candidacy for other coaching positions this cycle, as reported by ESPN.

In a statement, Rhule expressed his appreciation: “The University of Nebraska, the city of Lincoln, and the state of Nebraska are special. This is a place that our family calls home. We are grateful for the support and trust they have shown in our staff. Our focus remains on building Nebraska football into a perennial championship contender.”

Rhule has gained attention as a potential choice for Penn State after his alma mater dismissed James Franklin earlier this month. He played for four seasons with the Nittany Lions before beginning his coaching career there.

Moreover, Florida State has recently let go of Billy Napier, making it one of the most sought-after coaching vacancies this season.

Currently in his third year at Nebraska, Rhule is guiding the Cornhuskers to a promising 6-2 start this season. Last year, he successfully led the team to its first bowl game since 2016. His earlier successes at Temple and Baylor got him recognition, leading to a high-profile stint with the Panthers. Unfortunately, his time in the NFL ended with a record of 11-27, and he was let go just five games into the 2022 season before taking the reins at Nebraska in 2023.