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Nebraska Cornhuskers head football coach Matt Rhule has reportedly agreed to a two-year contract extension, which will include a $15 million buyout this year and keep him signed through the 2032 season, sources with knowledge of the situation confirmed to ESPN's Pete Thamel on Thursday (October 30).
"Sources: Nebraska coach Matt Rhule signed a two-year contract extension this morning, which will take him through the 2032 season. It includes a $15 million buyout this year that effectively eliminates him from any jobs in this coaching cycle," Thamel wrote on his X account.
The buyout incentive effectively eliminates Rhule, 50, who is in his third season at Nebraska, from taking another college football position with several major programs already looking to fill vacancies, which includes his alma mater, Penn State, following the termination of James Franklin earlier this month.
The extension includes an additional incentive if the Cornhuskers make the College Football Playoff but does not include any base compensation change, according to the sources. Rhule is reportedly eligible to have his salary increase by an additional $1 million each year if Nebraska qualifies for the College Football Playoff.
Rhule was hired by Nebraska in 2023 after three seasons with the NFL's Carolina Panthers, having previously coached Temple from 2013 to 2016 and Baylor from 2017 to 2019. The 50-year-old has a 65-58 career head coaching record at the collegiate level, which includes an 18-15 (9-14 Big Ten Conference) record at Nebraska and a 6-2 (3-2 Big Ten Conference) record through his first eight games of the 2025 season.