Iowa coach Kirk Ferentz received a four-year extension through the 2029 season, the school announced Friday.

Ferentz, who had four seasons remaining on his current deal, will receive $56 million -- $7 million annually -- over the next eight seasons. He was slated to make $5.1 million next season before the extension.

The university said the 66-year-old Ferentz will receive $500,000 in base salary, $5.5 million in supplemental compensation and a $1 million longevity bonus each year until the deal expires on Jan. 31, 2030.

Ferentz will be 74 when the deal concludes. He just completed his 23rd season as coach of the Hawkeyes and is the nation's longest-tenured coach.

"Kirk's consistent leadership and success over 23 years has been amazing and appreciated as he has led our football program in a first-class manner," athletic director Gary Barta said in a statement. "His success over the past 23 years speaks for itself. He is an asset to the University of Iowa and our athletics department as a whole. The foundation of his program is strong, and the future looks bright."

Iowa went 10-4 in the just-completed season. The Hawkeyes reached the Big Ten title game before being routed 42-3 by Michigan and later lost 20-17 to Kentucky in the Citrus Bowl.

Overall, the Hawkeyes have recorded seven 10-wins season under Ferentz, who owns the school mark for victories. He is 178-110.

Ferentz replaced legendary Hayden Fry, who spent 20 years as coach beginning in 1979. If Ferentz completes the contract, Iowa will have had just two head coaches over a 51-season span.

"I am grateful to President Barb Wilson and athletics director Gary Barta for their continued support of our program," Ferentz said in the news release. "I am proud of the success that we have achieved inIowa City the past 23 years and look forward to many more years of competing at the highest level."

Iowa begins Ferentz's 24th season on the job with a home game against South Dakota State on Sept. 3.