Chuck Burton/Associated Press

NC State announced a five-year contract extension through 2020 for head basketball coach Mark Gottfried on Friday, the same day as the Wolfpack's season opener against William and Mary.

Jon Rothstein of CBS Sports first reported the news. The school confirmed the new deal and stated the coach's yearly compensation will from go up $2.06 million to $2.48 million. Gottfried released a statement as part of the announcement:

I would like to thank our AD, Debbie Yow, and Chancellor Woodson for their commitment to me and to the basketball program here at NC State. I appreciate their faith and belief in our staff from the day we arrived in Raleigh. It's exciting to work with an administration that shares a common vision for the future of Wolfpack basketball, and together, we make a great team. This shows the investment and commitment that both NC State and I have made to continue building this program for years to come.

Gottfried is entering his fifth season as head coach at NC State. He's compiled a 92-52 record (.643) with the Wolfpack. That includes four consecutive trips to the NCAA Tournament, reaching the Sweet 16 in both 2011-12 and 2014-15.

He previously made stops at Alabama and Murray State. His overall coaching record is 370-207 (.641) across 18 years.

Getting the contract done now allows him to focus solely on the upcoming campaign. The Wolfpack were picked to finish eighth in the ACC in the conference's preseason poll, which would put them right on the fringe of another NCAA Tournament appearance.

That said, his consistent success warranted a firm long-term commitment. NC State rewarded him with that preferred stability, which also helps when hitting the recruiting trail.