Matt Rhule gets Nebraska contract extension after Penn State rumors

Another potential Penn State coaching candidate is off the board.

Nebraska coach Matt Rhule has signed a two-year contract extension, the school announced on Thursday.

It extends Rhule’s contract through the 2032 season.

The extension does not change Rhule’s base salary, the school said, but includes new salary escalators for College Football Playoff appearances.

Rhule currently makes $8.5 million per year, according to USA Today’s database.

But the existing deal already included escalators — in 2027, that number will rise to $11 million, and in 2030 it will rise to $12.5 million, according to ESPN.

Matt Rhule signed a two-year contract extension with Nebraska. Getty Images

The new extension will be at that $12.5 million figure.

Most importantly, the extension raises Rhule’s buyout this year from $5 million to $15 million, ESPN reported, effectively taking him out of the mix for another job this cycle.

“The University of Nebraska, the city of Lincoln and the state of Nebraska are special,” Rhule said in a statement. “It is a place our family is proud to call home. 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.”

Matt Rhule is in his third season with Nebraska. AP

Rhule became a popular candidate for his alma mater, Penn State, after the school fired James Franklin earlier this month.

Rhule played four seasons for the Nittany Lions before starting his coaching career with the team.

Beyond Penn State, Florida recently fired Billy Napier and will be one of the more high-profile job openings this cycle.

Rhule is currently in his third year in charge at Nebraska and has led the Cornhuskers to a 6-2 start to the season.

Last year, he led the school to its first bowl game since 2016.

He gained prominence with successful stints at Temple and Baylor, which prompted him to make the jump to the NFL on a lucrative deal with the Panthers.

But he went just 11-27 with Carolina and was fired five games into the 2022 season.

He subsequently took over at Nebraska in 2023.