What Matt Rhule’s Contract Extension Means for Nebraska, College Football

Matt Rhule is officially staying at Nebraska.

Rhule and Nebraska agreed to an extension, officially announced Thursday morning. Below are statements from Athletics Director Troy Dannen, University of Nebraska President Dr. Jeffrey Gold, and Rhule.

“Coach Rhule has shown he is the right leader at the right time for Nebraska Football. We look forward to him and his family being in Lincoln for a long time,” Dannen said. “Our program has seen significant progress under Matt’s leadership, and at this stage in the evolution of the program continuity and stability are critical. I welcome the opportunity to continue to partner with Matt and his staff to build a program that will make everyone associated with Nebraska Football proud. Go Big Red!”

“Matt Rhule has been building something special at Nebraska — a program rooted in toughness, accountability, and a culture of doing things the right way,” Dr. Gold said. “I’m grateful that his leadership will continue, and I’m confident the momentum he’s generating will carry our program — and the pride of Husker Nation — to even greater heights.”

“The University of Nebraska, the city of Lincoln and the state of Nebraska are special. It is a place our family is proud to call home,” Rhule said. “We have outstanding leadership from Dr. Gold and Troy Dannen, and I appreciate the support and confidence they have shown in our staff. Our focus remains on building Nebraska Football into a perennial championship contender.”

Let’s dig into what this means for Nebraska, college football, and the reality of the situation.

Nebraska can get back to fully focusing on Nebraska.

According to a release from Nebraska, Rhule’s contract has been extended for two years, taking it now through the 2032 season. The release adds that his base salary is unchanged, “but does include salary escalators for College Football Playoff appearances.”

Contract information provided by the university states that his buyout if he were to leave for another program is higher. You can see the full amount owed to Nebraska below under his original agreement and the new extension.

Rhule’s base salary is still $7.5 million for this season and increases to $12.5 million through 2030. The two-year extension continues the $12.5 million salary for 2031 and 2032.

Nebraska sits at 6-2 and is bowl eligible before November for the first time since 2016. That’s also the last time the Huskers reached bowl eligibility in back-to-back seasons.

In a world where every dollar feels more precious, having program stability is of the utmost importance. This means spending money on what brings in players: facilities, investments, and NIL. It also helps to have a coach who is winning and a program with an upward trajectory.

Good luck during the coaching carousel.

With the firing of Brian Kelly over the weekend, that’s another $54 million in buyout money added to the tab this cycle. For just FBS coaches fired this season, the buyout total is nearly $170 million. That doesn’t include money owed to assistants or any additional staffers.

Open jobs now include LSU, Penn State, Florida, Virginia Tech, Arkansas, UCLA, Oklahoma State, Stanford, Oregon State, Colorado State, UAB, and Kent State. While this list includes teams from the MAC, American, and Pac-12, there are just too many heavy hitters from the Big Ten and SEC for anyone to feel comfortable in getting “their” guy.

Rhule hasn’t made a College Football Playoff or won a conference title since his Owls won the American in 2016, but he has a big job name. He has consistently built programs up and has NFL experience, which helps in this industry.

And, let’s face it, Rhule wouldn’t have been on any of these lists, even at his alma mater Penn State, if Nebraska was 2-6 instead of 6-2.

The flip side to all of these firings is that there are a number of high-profile coaches now looking for jobs. Kelly, James Franklin, Billy Napier, Mike Gundy, and others bring differing levels of prestige with them, but they could also be more than serviceable at a number of the open positions.

And let’s not forget that some of these openings, like Florida and LSU, may try to steal away a coach who currently has a high-profile job himself. At the top of that list is Lane Kiffin at Ole Miss. That would be just another domino opening for programs further down the list.

The reality is that Rhule could still leave Nebraska tomorrow.

As noted above, the buyout from Rhule’s end is reportedly $15 million this season, which means he would need to pay that amount to Nebraska if he takes another job. That number was $5 million before Thursday’s extension.

Rhule has signed extensions before at his collegiate stops, only to then move on before the contract runs out.

At Temple, Rhule signed a four-year contract extension in the summer of 2015, even renegotiating it during the season. Before the bowl game of the 2016 season, he was on his way to Baylor.

With the Bears, Rhule signed an extension in September of the 2019 season. That contract had him tied to the school through 2027. Just a few months later, he was named the head coach of the Carolina Panthers in the NFL.

Extensions are good for showing recruits that coach stability should remain high at a school. They can also be a tool for getting some money back if the coach does decide to bounce. For now, we’ll have to take Rhule’s word, and his signature, at face value in a world that is seeing more and more coaching changes at high-profile institutions.

Have a question or comment for Kaleb? Send an email to [email protected].

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