Nick Saban's new contract, which includes an extension and pay rise, was officially approved by Alabama's Board of Trustees on Tuesday.

According to Michael Casagrande, of AL.com, the motion was passed unanimously to bump Saban's compensation to $6.5 million per year with a $400,000 completion bonus. The school confirmed that the contract has also been extended from 2020 to Jan. 31, 2022.

"We are honored by the commitment the University of Alabama has made to us with this new contract." Saban said via a school release. "It is certainly a mutual agreement in terms of our commitment to the University of Alabama. We will continue to work hard to keep our football program among the nation's elite. My passion has always been to develop young men to their full potential as student-athletes. We've had great success in that area at Alabama and I'm appreciative of all the support and the resources we receive from the administration in order to make that happen."

News of Saban's extension is not new. Colleague Jeremy Fowler reported on the agreement in Dec. 2013 during the height of the Saban-to-Texas rumors. This announcement confirms the deal, along with the terms, but also reveals the contract details for new offensive coordinator Lane Kiffin.