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Chris Petersen, Boise State Agree On New 5-Year Contract

Chris Peterson and the Boise State Broncos have agreed to a new contract extension, according to a report.

The Boise State Broncos have agreed to a 5-year contract extension with head coach Chris Peterson, according to a report by Chadd Cripe of the Idaho Statesman.

The State Board of Education will consider the $375,000 salary increase during a special meeting Wednesday. The entire contract will be submitted for approval at the regular Feb. 15-16 meeting. The information provided to the State Board by Boise State states that the university negotiated the new contract "following this last season" and that it will include a "base compensation package of $2 million in the first year."

Petersen is scheduled to make $1.625 million in 2012 under his current contract, which was announced at the 2010 Fiesta Bowl and improved in October 2011.

Peterson was a hot commodity in some of the head coaching vacancy searches, especially with the UCLA Bruins. Despite the heavy interest, Peterson always maintained that his place was with the Broncos and he never expressed much interest in any of the positions he was rumored for.

The new contract should ensure Peterson will remain the head coach at Boise State while they wait to move to the Big East in 2013, a BCS conference. The Broncos have been overlooked for a BCS bid the past two seasons because of a late season loss. Once they are a member of the Big East, they'll receive an automatic bid if they can win the division.

For more on Chris Peterson and the Boise State Broncos, visit SB Nation's Boise State blog One Bronco Nation Under God.