Kansas State head coach Bill Snyder has signed a new five-year contract that will last through 2017 and include an increase in base compensation to $14.75 million over the life of the contract.  

"Coach Snyder's daily drive, focus and energy in continuing to build the K-State football program are truly remarkable and inspirational," said athletic director John Currier in an issued statement.

73-year old Snyder was named AP's Big 12 Coach of the Year this season. He took the team to an 11-2 finish and a spot in the Big 12 Championship game. Kansas State also earned a BCS Bowl bid, playing in the Fiesta Bowl. Kansas State was originally picked to finish sixth in the Big 12. They spent a part of the season ranked No. 1 in the BCS standing before losing to Baylor late in the season. Quarterback Collin Klein was also a Heisman finalist.

Currie stated that he wanted to reward Snyder for all that he has done for the program since coming back from a brief retirement four years ago. Since stepping in again as head coach, Snyder has had three straight bowl berths. Kansas State has gone 21-5 over the past two seasons.

The new contract includes a handful of bonuses that could earn Snyder a fair amount of extra cash. Snyder gets $50,000 for a top-20 finish in the AP or BCS standings and $100,000 for finishing in the top 10. If Kansas State plays in the BCS Championsip game, he earns $250,000. If they win, $350,000.

Snyder is currently seventh among active coaches in win total. He is 170-85-1 in 21 seasons at Kansas State. Currie brushed off questions about Snyder's age, saying that as long as Snyder wants to coach there, Kansas State will be happy to have him.