Jimbo Fisher signs new contract

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Florida State coach Jimbo Fisher has officially signed a new five-year deal with the  Seminoles through the 2018 season, the school announced Tuesday.

The deal, agreed to during the season, is worth $21 million. It also includes a buyout that is not expected to result in an increased payment if Fisher were to leave, a source told ESPN's Joe Schad.

Fisher has guided the No. 1 Seminoles (13-0) to the Vizio BCS National Championship against No. 2  Auburn on Monday.

"We are extremely pleased with the direction of our program and believe that this new contract will assure that Coach Fisher is in place to lead the Seminoles for a long time to come," FSU athletic director Stan Wilcox said in a statement released by the school.

"Coach Fisher enjoys the full support of the leadership of the university and we look forward to the continued success of our football program on the field and in the classroom."

The new contract does not eliminate Fisher from contention for any other job openings, including  Texas, which is being very deliberate and is willing to wait to speak with anyone it wants to, a source told Schad.

Florida State views the new deal as a strong two-way commitment that Fisher will not leave for another university, another source told Schad.

Fisher's current salary is $2.75 million. The new deal would put him among the highest-paid coaches in the country.

Fisher is 45-10 since replacing Bobby Bowden four years ago. He previously served as the team's offensive coordinator.

He also is 3-0 in bowl games, including a 31-10 triumph against Northern Illinois in the Discover Orange Bowl last season, which was the program's first victory in a BCS bowl since 2000, when the Seminoles beat Virginia Tech for the national title.

Joe Schad of ESPN and the The Associated Press contributed to this report.

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