AP FILE PHOTO - Iowa State head coach Matt Campbell looks on during the second half of a college football game against Kansas on Nov. 9, 2024, in Kansas City, Mo. Kansas won 45-36.

AMES — Iowa State and head football coach Matt Campbell have finalized a contract extension through 2032, as first reported by Max Olson of ESPN.

Campbell and ISU agreed to the deal in December, prior to the Cyclones’ 42-41 win over Miami in the Pop-Tarts Bowl. That gave Iowa State its 11th win, marking the most in school history.

Campbell will now receive a salary of $5 million per year, but ESPN reported he took a “discount” after the financial details were revealed. He opted to make sure his salary pool increased while also paving the way for Iowa State to allocate an additional $1 million in revenue-sharing dollars to football, according to ESPN.

Campbell’s previous contract, signed in 2021, was set to run through 2028. His salary increased to $4 million under that deal, according to USA Today. Now, he’s locked in through 2032 and is getting a pay bump — while also helping set the Cyclones up for the new era of college sports.

Following approval of the House v. NCAA settlement, schools can now directly share up to $20.5 million with athletes, and the wide expectation is the majority of those dollars will go toward football. Iowa State athletics director Jamie Pollard previously said every student will get a slice of the pie, though a majority of those funds will head to football and men’s basketball. Pollard did not confirm specific figures.

Campbell, 45, told ESPN in July at Big 12 media days that “probably our top 20 guys took a pay cut to come back to Iowa State” for 2025, relative to what they could’ve earned in NIL compensation by entering the transfer portal.

The head coach’s deal includes performance incentives based on the Cyclones’ regular-season record, starting at $250,000 for seven wins and climbing to $1.5 million for a 12-0 season. He’ll earn at least $100,000 for a Big 12 title game appearance and up to $500,000 for a Big 12 championship. The deal also permits him to distribute up to $100,000 of his performance incentive earnings each year to his football staff.

Campbell has a 64-51 overall record at Iowa State since taking over in 2016, including a 45-36 mark in Big 12 play. Under his watch, the Cyclones have made seven bowl games and made two Big 12 Championship games. That includes last year, which ended with an 11-3 overall record two years removed from a 4-8 record in 2022.

He’s a three-time Big 12 Coach of the Year and the winningest football coach in Cyclone history.

“My family and I are extremely grateful for the faith and commitment shown to our program by our President, Dr. Wintersteen, and our Athletics Director, Jamie Pollard,” Campbell said in a press release in December. “It is an honor to be associated with a great university and community, and I am thankful to work with great leaders, administrators and student-athletes. I look forward to finishing the 2024 season strong while continuing to grow this program and pursuing excellence in the classroom and on the field.”

Campbell is already the third-longest tenured coach in Iowa State history behind Dan McCarney (1995-2006) and Clay Stapleton (1958-67). He’s about to begin his 10th season in Ames.

“It has been rewarding to see the amazing impact Coach Campbell, and his staff, have had over the past decade on our University, athletics department, and the young men in our football program,” Pollard said. “Given all the uncertainty currently facing college athletics, it was critical that we moved quickly to solidify the future of our football program.

“Matt is the perfect fit for Iowa State University and I am thrilled he wants to continue to lead our program. Leadership continuity is essential to any organization’s long-term success. This is a great day for Cyclone fans.”

Campbell arrived at Iowa State in 2016 and needed just two seasons to turn a longtime Big 12 bottom dweller program into a perennial top 25 operation. He won at least seven games in seven of his nine years at the helm and appeared in the AP Top 25 five straight years from 2017 to 2021, which was the longest such streak in school history.

Iowa State was just one win away last season from making its College Football Playoff debut but lost to Arizona State in the Big 12 title game.