COLUMBIA, Mo. – Missouri and football coach Barry Odom have agreed to a two-year contract extension through the 2024 season, according to a university release Wednesday afternoon.

Odom's annual salary increased to $3.05 million, up from $2.35 million annually under in his previous contract. The UM Board of Curators approved the contract Wednesday.

“Barry Odom has done an outstanding job of leading the Mizzou Football program the last three seasons and I’m grateful that we are able to reward that success today,” Missouri athletic director Jim Sterk said in a press release. “He is building a championship culture within his program that fosters academic achievement, athletic success and accountability, and I am proud of what he has been able to accomplish during his first three seasons. With this year’s success and the South End Zone facility coming on-line next year, I believe Mizzou Football enjoys great momentum heading into the 2019 season and I look forward to working with Coach Odom to build upon that.”

The extension includes a provision that automatically extends the life of the contract for every year Odom leads the Tigers to nine wins.

At $3.05 million, Odom is now the Southeastern Conference's 11th-highest paid football coach, according to a database of college coaching salaries compiled by USA Today. He was previously the conference's least-paid coach. His new contract bumps him above Mississippi's Matt Luke ($3 million), Vanderbilt's Derek Mason ($2,812,523) and Mississippi State's Joe Moorhead ($2.6 million).

“I’m excited and thankful to lead our program and student-athletes for years to come,” Odom said in the release. “I have great admiration for our leadership team of President (Mun) Choi, Chancellor (Alexander) Cartwright and the Board of Curators, and thank them for this opportunity. I’m excited to move forward with Jim Sterk, we have the same vision in building Mizzou Football and providing a platform for our young men to be successful in all aspects of their lives. We have a great staff in place who care about winning the right way and I’m appreciative of their efforts. I’m grateful for our players, and I’m honored to be their coach. I want to give them the very best every single day.”

The extension does not increase Odom’s base salary of $450,000.

Odom is 19-18 in three seasons with Missouri. The Tigers – who will play in the Liberty Bowl on Dec. 31 – have qualified for a bowl game in back-to-back seasons after failing to qualify in 2015 and 2016.

A small portion of Odom’s raise comes from an increase in deferred compensation, from $150,000 per year to $100,000 per year. That amount is annually deposited into a trust fund that Odom can collect at the end of his contract or if fired by the university without cause.

The extension did not change the terms of a buyout if Odom is fired without cause before the end of his contract. Under those terms, if fired without cause Odom would be paid the remaining base salary on his contract plus any money previously earned in deferred compensation trust fund. That value is $2.95 million until next year, when it would decrease to $2.65 million and then $300,000 less for every year after.

Most of Odom’s raise comes from an increase in his employment benefits package, which will pay him $2.45 million annually. The benefit package on his original contract paid him $1.9 million per year. The benefits package binds Odom to the MU’s apparel contract and assigns his rights to appearances on television, radio and in public to MU.

Odom’s extension also includes a provision that, starting for the 2019 season, would raise his annual benefits package by $150,000 every year that Missouri makes a bowl game.

The extension does not have an impact on the salaries for Missouri's assistant football coaches.

The extension does raise Odom's incentives package to a maximum of $1.8 million. Previously, the maximum Odom could receive in incentives per year was $1,025,000.

A new incentive included in the extension would allow Odom to collect a bonus based on Missouri’s ticket sales. If ticket revenue for home games in a season exceeds $11.7 million, Odom would collect an amount equal to 20 percent of the amount over $11.7 million. (Missouri’s last financial report documented $11,048,720 in ticket sales for the 2016 football season, when the Tigers went 4-8 in Odom’s first year.)

Another new incentive would pay Odom $5,000 for every week Missouri is ranked in the AP, Coaches’ or College Football Playoff top 25 up to $80,000 per year.