Football coaches have to strike while the iron is hot, and at Rice head football coach David Bailiff could not be any hotter.

With that in mind, college football sources told FOX 26 Sports Rice signed Bailiff to a new five-year contract.

Prior to last season Bailiff was given a three-year contract extension to go along with the one year he had left on his contract at the time.

He still had three years left on his deal when Rice officials tore up his contract and gave him a new one.

"It's really an exciting time for my family, for Rice, that we get an opportunity to continue to build the program that will sustain year after year," Bailiff said in an interview with FOX 26 Sports.

"It makes you feel good that I'm appreciated."

Bailiff lands his new deal after leading the Owls to their first outright conference title since 1957.

The 2013 season also brought Rice its third 10-win season in school history.

Over the past two years the Owls have won a total of 17 games, which equals Rice's best performance over two years in school history.

In 2013 Rice went 10-4, including its 41-24 victory over Marshall in the Conference USA Championship game.

The Owls went on to lose in the AutoZone Liberty Bowl, Rice's second consecutive bowl game.

The last time Rice went to back-to-back bowl games was during the 1960 season.

For Rice's success in 2013 Bailiff was named a finalist for the Paul "Bear" Bryant Award given annually here in Houston to the nation's top collegiate football coach.

Bailiff did not confirm any details of his new contract.

"Stability leads to continuity and stability on a staff, and that's critical," Bailiff said. "I've got a great staff at Rice that understands the university and understands the value that you have to operate with.

"It's rewarding to the assistant coaches families too to know that they have some job security."

Bailiff understands the sports business is about what have you done for me lately.

"It's one of those (situations) where we were undeterred in our vision, even through the hard times," Bailiff said.