Ohio State football coach Urban Meyer is officially set to receive a two-year contract extension from the university.

The Board of Trustees' Talent and Compensation Committee approved a new five-year contract, which will run through Jan. 31, 2023, at a meeting on Thursday morning. The contract will go to the full board for final approval on Friday.

With an approximate $1.2 million raise as part of the extension to his contract, Meyer's salary for the 2018 season will be $7.6 million, which will make him the highest-paid coach in the Big Ten.

Michigan's Jim Harbaugh, who is set to make $7.5 million in 2018, was previously the Big Ten's highest-paid coach.

In total, Ohio State is now set to pay its football coaching staff $14.66 million in 2018. The Buckeyes' 10 assistant coaches are set to make a combined $7.06 million in salary in 2018, with Greg Schiano and Ryan Day becoming Ohio State's first million-dollar assistants.

Ohio State's Coaching Salaries Coach Title 2017 Salary 2018 Salary Increase Contract Length URBAN MEYER HEAD COACH $6,400,000 $7,600,000 $1,200,000 5 YEARS GREG SCHIANO DEFENSIVE COORDINATOR $700,000 $1,500,000 $800,000 1 YEAR RYAN DAY OFFENSIVE COORDINATOR $400,000 $1,000,000 $600,000 3 YEARS KEVIN WILSON OFFENSIVE COORDINATOR $650,000 $800,000 $150,000 1 YEAR ALEX GRINCH CO-DEFENSIVE COORDINATOR NEW HIRE $800,000 NEW HIRE 2 YEARS LARRY JOHNSON DEFENSIVE LINE COACH $575,225 $750,000 $174,775 2 YEARS TONY ALFORD RUNNING BACKS COACH $450,000 $525,000 $75,000 2 YEARS BILL DAVIS LINEBACKERS COACH $500,000 $500,000 NONE 1 YEAR GREG STUDRAWA OFFENSIVE LINE COACH $410,000 $500,000 $90,000 1 YEAR TAVER JOHNSON CORNERBACKS COACH NEW HIRE $345,000 NEW HIRE 2 YEARS ZACH SMITH WIDE RECEIVERS COACH $300,000 $340,000 $40,000 1 YEAR

Meyer's previous contract, a six-year deal signed in 2015, was set to pay him slightly more than $21 million (not including bonuses) over the next three years and expire on Jan. 31, 2021.

According to USA TODAY's coaching salaries database, the only two coaches to make more in 2017 than Meyer will make in 2018 were Alabama's Nick Saban ($11.1 million) and Clemson's Dabo Swinney ($8.5 million). Jimbo Fisher, meanwhile, signed a 10-year, $75 million contract to become the new head coach at Texas A&M in December.

Ohio State athletic director Gene Smith said on National Signing Day that he is "not a big believer in 10-year contracts." He also told reporters that day, however, that the university would sign Meyer to a contract extension this offseason in hopes of quelling questions on the recruiting trail about Meyer being on the back end of his career.

"I want to thank President Michael V. Drake for his guidance and the Board of Trustees for its work in considering this extension," Smith said Thursday in a statement. "I think everyone will agree that we have one of the finest coaches and mentors in Urban Meyer leading our football program."

The addendum to Meyer's contract, as obtained by Eleven Warriors through a public records request, can be seen below.