Indiana head coach Curt Cignetti smiles after their win against Miami in the College Football Playoff national championship game, Monday, Jan. 19, 2026, in Miami Gardens, Fla. (AP Photo/Rebecca Blackwell)

Indiana coach Curt Cignetti is cashing in on his first national championship run — even more than initially expected.

Athletic department officials announced Monday that the two-time national coach of the year has signed a memorandum of understanding on an eight-year contract extension, paying him an annual average of $13.2 million — or an increase of about $1.6 million per year from what school officials said Cignetti would earn when he first agreed to the extension in October.

School officials released the document Cignetti signed Feb. 4.

He joins Georgia coach Kirby Smart and LSU coach Lane Kiffin as the only active Football Bowl Subdivision coaches to receive paychecks of $13 million or more. The payouts could be even higher if Cignetti earns bonuses for winning Big Ten or national coach of the year honors in addition to playoff appearances and conference titles. The 64-year-old Cignetti already has said he hopes to retire at Indiana.

It’s the third time Cignetti has received a raise since he took over the losingest program in FBS history in November 2024. The new deal calls for a base salary of $500,000 per year through the 2033 season and a $1 million retention bonus on Nov. 30 of each year, starting this fall.

Cignetti initially agreed to an eight-year extension worth $92.8 million — an annual average of $11.6 million — but university officials agreed to modify the deal as the Hoosiers remained undefeated and pursued the first football national championship in school history.