Contract extension will put him with Nick Saban, Mack Brown, Bob Stoops, Urban Meyer 
LSU Tigers head coach Les Miles, celebrating with fans before the 2012 Chick-fil-A Bowl against Clemson, stands to join a very elite club. (Photo: Paul Abell, USA TODAY Sports) Story Highlights - A record five coaches will make at least $4 million in guaranteed money for the season
- First pay raise for Tigers' coach since 2008, just after he led team to BCS national championship
- New deal comes after Southeastern Conference rival Arkansas expressed interest
LSU's Les Miles is set to receive a pay increase to $4.3 million under an amended seven-year contract being submitted the university's board of supervisors, the school's athletics department announced Thursday.
Miles would become the fifth active college football coach making at least $4 million per year from a public school under the deal, which the board is scheduled to vote on at its meeting Feb. 1.
Miles' guaranteed pay had been $3.751 million a year since 2008.
The amended deal would have an effective date of Jan. 1, and run through Dec. 31, 2019.
The new deal also includes an arrangement under which LSU would pay an additional $150,000 each year "into an account owned and controlled by LSU," according to the athletics department statement. "Miles can collect the funds in the account totaling $750,000 after serving the first five years of the contract. He can collect the final $300,000 in the account if he serves the final two years of the contract."
However, if Miles is fired without cause, he would be receive a separately determined buyout payment, according to a copy of the amended contract provided by the board of supervisors' office. That buyout would be $15 million if Miles is terminated prior to Dec. 31, 2015. It would then drop to $12.9 million for the contract's fourth and fifth years, to $8.6 million for the sixth year and $4.3 million for the seventh.
COACHES SALARY DATABASE: Where the coaches rank
Tigers athletics director Joe Alleva first announced the promise of a contract extension to seven years and a raise for Miles in late November, shortly after Southeastern Conference rival Arkansas had expressed interest in the coach for its vacancy.
NICE RAISE: : Charlie Strong among highest-paid coaches
Miles joins Alabama's Nick Saban, Texas' Mack Brown, Oklahoma's Bob Stoops and Ohio State's Urban Meyer in having guaranteed compensation of at least $4 million per year. Saban, Brown and Stoops got pay increases following the 2011 season, and Meyer was hired by Ohio State.
Not including performance bonuses, Saban received a little more than $5.3 million from his school for the 2012 season; Brown $5.3 million; Stoops $4.55 million. Meyer got $4 million, plus a one-time "transition payment" of $250,000.
Iowa's Kirk Ferentz also had greater guaranteed compensation than Miles did for the 2012 season, but Ferentz ($3.835 million) reported less money on his most recently available athletically outside-income report than Miles did. So, Miles was No. 5 in USA TODAY Sports' annual survey of football coaches' pay and Ferentz No. 6.
Saban, Brown and Ferentz are scheduled to receive pay increases for 2013. Meyer's contract expressly states that he shall be eligible to receive pay increases on or after Feb. 1; in 2012, he led Ohio State to a 12-0 record while the Buckeyes were ineligible for postseason play because of NCAA sanctions.
On Wednesday, Louisville announced it is planning to give coach Charlie Strong a $1.4 million pay increase to $3.7 million per year.
Miles' last raise from LSU came in March 2008, following the Tigers' 2007 Bowl Championship Series national title. He has an 85-21 record in eight seasons overall at LSU (47-17 in SEC play). Since his last pay raise, he is 51-15 (28-12) including an SEC championship and an appearance in the 2011 BCS title game.
His annual incentive maximum was increased to $700,000 from $400,000 in August 2011 as part of a two-year contract extension under which LSU also re-set the amounts it would have owed Miles for firing him without cause at various points in the deal. Through Dec. 31, that figure was $18.75 million.
PHOTOS: WHAT TOP 25 SHOULD LOOK LIKE IN 2013 
Alabama players celebrate after the BCS National Championship college football game against Notre Dame Monday, Jan. 7, 2013, in Miami. Alabama won 42-14. (AP Photo/Wilfredo Lee) ORG XMIT: BCS210 Wilfredo Lee, AP Related story Fullscreen ![None]()
Why No. 1? The Crimson Tide have more talent than any team in the country and the best coaching staff. As seen over the last half-decade, Alabama is the most elite program in college football; this team isn't going anywhere. It also helps that the Tide don't draw Florida, Georgia or South Carolina from the SEC East Division. Dave Martin, AP Related story Fullscreen ![None]()
2. Ohio State (2012: 12-0): Why No. 2? The Buckeyes hit the ground running under Urban Meyer, going undefeated until their season ended after 12 games due to NCAA sanctions. The sky is the limit for quarterback Braxton Miller, who will be a leading Heisman contender. Ohio State will only get better and better as it gains more experience under Meyer and his staff. Jeff Hanisch, USA TODAY Sports Related story Fullscreen ![None]()
3. Stanford (2012: 12-2): Why No. 3? The Cardinal can’t wait to get back on the field after this season’s torrid finish. Sophomore quarterback Kevin Hogan is ready to lead behind one of the country’s best offensive lines. Stanford hosts Oregon, USC and Notre Dame. Don Ryan, AP Related story Fullscreen ![None]()
4. Oregon (2012: 12-1): Why No. 4? With Chip Kelly returning, there’s no reason to think the offense won’t again be the nation’s best. The defense will be another year more experienced and should build upon this season’s underrated performance. The winner of Oregon-Stanford will take home the Pac-12. Mark J. Rebilas, USA TODAY Sports Related story Fullscreen ![None]()
5. Florida (2012: 11-2): Why No. 5? Will Muschamp’s defense will insert a few new starters and not miss a beat. In addition, the offense, and quarterback Jeff Driskel in particular, will only get better in a second year under coordinator Brent Pease. Kim Klement, USA TODAY Sports Related story Fullscreen ![None]()
6. Florida State (2012: 12-2): Why No. 6? The program continues to add achievements in each season under Jimbo Fisher, taking home the ACC in 2012 and adding an Orange Bowl win. The Seminoles play Florida on the road, but the team should rule the ACC. Steve Mitchell, USA TODAY Sports Related story Fullscreen ![None]()
7. Georgia (2012: 12-2): Why No. 7? With Aaron Murray and the two young backs returning, Georgia’s offense should be the best in the SEC. However, with Jarvis Jones and others gone, Georgia has questions to address on defense. John David Mercer, USA TODAY Sports Related story Fullscreen ![None]()
8. Notre Dame (2012: 11-1): Why No. 8? Left tackle Zack Martin and nose tackle Louis Nix III opted to return for their senior seasons, lending Notre Dame some All-American production with terrific leadership. The offense will be improved, but Manti Te’o leaves an enormous hole on defense and in the locker room. Matt Cashore, USA TODAY Sports Related story Fullscreen ![None]()
9. LSU (2012: 10-3): Why No. 9? Quarterback Zach Mettenberger and the offense seemed to turn a corner over the final stretch of 2012, beginning with the near win against Alabama. There are few better than defensive coordinator John Chavis, so LSU should be fine despite losses to the NFL. LSU plays at Alabama and Georgia but hosts Florida and Texas A&M. Daniel Shirey, USA TODAY Sports Related story Fullscreen ![None]()
10. Nebraska (2012: 10-4): Why No. 10? An experienced offense, led by quarterback Taylor Martinez, will be unstoppable throughout the regular season. While the 2012 season ended poorly, the Cornhuskers are close to breaking out of their four-loss rut. Unfortunately, the defense won’t be able to stop Ohio State when push comes to shove. Dave Weaver, AP Related story Fullscreen ![None]()
11. Boise State (2012: 11-2):Why No. 11? After a tough start, Boise State began hitting its stride in November and December. Even in a down year, the Broncos won 11 games. Next year’s team will challenge for an undefeated finish. Darin Oswald, AP Related story Fullscreen ![None]()
12. Clemson (2012: 11-2):Why No. 12? The Tigers will be unstoppable on offense as long as coordinator Chad Morris remains in the fold. Quarterback Tajh Boyd will enter the year as one of the best players at his position. Kevin C. Cox, Getty Images Related story Fullscreen ![None]()
13. TCU (2012: 7-6):Why No. 13? TCU survived its first year in the Big 12 despite overwhelming youth and a slew of personnel issues. One year later, coach Gary Patterson will have the Horned Frogs back in their customary spot among the top 15 teams in the country. Cooper Neill, Getty Images Related story Fullscreen ![None]()
14. South Carolina (2012: 11-2):Why No. 14? Having proven it can exist without running back Marcus Lattimore, South Carolina’s offense will be good enough to make a run at a BCS bowl. There’s no player better than defensive end Jadeveon Clowney, but South Carolina will need a team effort to navigate one of the SEC’s toughest schedules. Kim Klement, USA TODAY Sports Related story Fullscreen ![None]()
15. Texas A&M (2012: 11-2):Why No. 15? Johnny Manziel alone is reason enough to expect another terrific season from the Aggies. But with the outstanding offensive line potentially rebuilt, the defense losing its star and offensive coordinator Kliff Kingsbury gone to Texas Tech, it’ll be hard for A&M to leapfrog past Alabama. Kevin Jairaj, USA TODAY Sports Related story Fullscreen ![None]()
16. Louisville (2012: 11-2): Why No. 16? Louisville bring back its coach, Charlie Strong, and its quarterback, Teddy Bridgewater, and that’s good enough for another BCS berth. But will the Cardinals have the schedule needed to impress voters? Chuck Cook, USA TODAY Sports Related story Fullscreen ![None]()
17. Texas (2012: 9-4): Why No. 17? Quarterback David Ash is ready to take the next step, but the defense needs to improve for Texas to win the Big 12. Until the defense proves itself, Texas is very good but not great. Stacy Revere, Getty Images Related story Fullscreen ![None]()
18. Oregon State (2012: 9-4): Why No. 18? The Beavers will be a Pac-12 contender thanks to a formidable offensive line, improved quarterback play and a defense that needs only to replace cornerback Jordan Poyer to be one of the league’s best. Brendan Maloney, USA TODAY Sports Related story Fullscreen ![None]()
19. Oklahoma State (2012: 8-5): Why No. 19? Like TCU, the lumps a young Oklahoma State team took in 2012 will pay dividends in the fall. The Cowboys host Kansas State, TCU, Baylor and Oklahoma. Ronald Martinez, Getty Images Related story Fullscreen ![None]()
20. Fresno State (2012: 9-4): Why No. 20? The Bulldogs are the only team capable of stopping Boise State in the Mountain West Conference. Quarterback Derek Carr headlines an offense that flies too far under the radar. Cary Edmondson, USA TODAY Sports Related story Fullscreen ![None]()
21. Oklahoma (2012: 9-4): Why No. 21? OU is rebuilding on offense, which might not be a bad thing. But there are holes on both lines and a deteriorating sense of confidence after a disappointing 2012 season. Tony Gutierrez, AP Related story Fullscreen ![None]()
22. Northwestern (2012: 10-3): Why No. 22? With the bowl losing streak of its back, Northwestern and players like Kain Colter and Venric Mark can focus on challenging for a division title and potential Rose Bowl berth. Melina Vastola, USA TODAY Sports Related story Fullscreen ![None]()
23. UCLA (2012: 9-4):Why No. 23? The Bruins were ahead of schedule in Jim Mora’s first season, but Mora will make sure his team suffers no sophomore slump. Christopher Hanewinckel, USA TODAY Sports Related story Fullscreen ![None]()
24. Northern Illinois (2012: 12-2):Why No. 24? No MAC team will sniff the Huskies, but one wonders how this team will react to a coaching change (Rod Carey replaced Dave Doeren) and an ugly loss to Florida State in the Orange Bowl. Chris Trotman, Getty Images Related story Fullscreen ![None]()
25. Kansas State (2012: 11-2):Why No. 25? The Wildcats have Bill Snyder and a terrific offensive line and backfield, but the team will struggle replacing what quarterback Collin Klein brought to the table. Denny Medley, USA TODAY Sports Related story Fullscreen Like this topic? You may also like these photo galleries: Replay
LSU Tigers head coach Les Miles, celebrating with fans before the 2012 Chick-fil-A Bowl against Clemson, stands to join a very elite club. (Photo: Paul Abell, USA TODAY Sports) LSU's Les Miles is set to receive a pay increase to $4.3 million under an amended seven-year contract being submitted the university's board of supervisors, the school's athletics department announced Thursday. Miles would become the fifth active college football coach making at least $4 million per year from a public school under the deal, which the board is scheduled to vote on at its meeting Feb. 1. Miles' guaranteed pay had been $3.751 million a year since 2008. The amended deal would have an effective date of Jan. 1, and run through Dec. 31, 2019. The new deal also includes an arrangement under which LSU would pay an additional $150,000 each year "into an account owned and controlled by LSU," according to the athletics department statement. "Miles can collect the funds in the account totaling $750,000 after serving the first five years of the contract. He can collect the final $300,000 in the account if he serves the final two years of the contract." However, if Miles is fired without cause, he would be receive a separately determined buyout payment, according to a copy of the amended contract provided by the board of supervisors' office. That buyout would be $15 million if Miles is terminated prior to Dec. 31, 2015. It would then drop to $12.9 million for the contract's fourth and fifth years, to $8.6 million for the sixth year and $4.3 million for the seventh. COACHES SALARY DATABASE: Where the coaches rank Tigers athletics director Joe Alleva first announced the promise of a contract extension to seven years and a raise for Miles in late November, shortly after Southeastern Conference rival Arkansas had expressed interest in the coach for its vacancy. NICE RAISE: : Charlie Strong among highest-paid coaches Miles joins Alabama's Nick Saban, Texas' Mack Brown, Oklahoma's Bob Stoops and Ohio State's Urban Meyer in having guaranteed compensation of at least $4 million per year. Saban, Brown and Stoops got pay increases following the 2011 season, and Meyer was hired by Ohio State. Not including performance bonuses, Saban received a little more than $5.3 million from his school for the 2012 season; Brown $5.3 million; Stoops $4.55 million. Meyer got $4 million, plus a one-time "transition payment" of $250,000. Iowa's Kirk Ferentz also had greater guaranteed compensation than Miles did for the 2012 season, but Ferentz ($3.835 million) reported less money on his most recently available athletically outside-income report than Miles did. So, Miles was No. 5 in USA TODAY Sports' annual survey of football coaches' pay and Ferentz No. 6. Saban, Brown and Ferentz are scheduled to receive pay increases for 2013. Meyer's contract expressly states that he shall be eligible to receive pay increases on or after Feb. 1; in 2012, he led Ohio State to a 12-0 record while the Buckeyes were ineligible for postseason play because of NCAA sanctions. On Wednesday, Louisville announced it is planning to give coach Charlie Strong a $1.4 million pay increase to $3.7 million per year. Miles' last raise from LSU came in March 2008, following the Tigers' 2007 Bowl Championship Series national title. He has an 85-21 record in eight seasons overall at LSU (47-17 in SEC play). Since his last pay raise, he is 51-15 (28-12) including an SEC championship and an appearance in the 2011 BCS title game. His annual incentive maximum was increased to $700,000 from $400,000 in August 2011 as part of a two-year contract extension under which LSU also re-set the amounts it would have owed Miles for firing him without cause at various points in the deal. Through Dec. 31, that figure was $18.75 million. PHOTOS: WHAT TOP 25 SHOULD LOOK LIKE IN 2013 Story Highlights
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