Andy Bitter, the Virginia Tech football beat writer for the Roanoke Times, broke the news.

Source w/knowledge of situation says Bud Foster has agreed to new five-year contract with VT that will pay him north of $756,500. #Hokies— Andy Bitter (@AndyBitterVT) December 22, 2014

Clearing up previous tweet, Foster's annual $$ will be more than $756K. Don't have exact #. Was just reference point to old contract— Andy Bitter (@AndyBitterVT) December 22, 2014

Bud Foster (reportedly) has agreed to a contract extension. Exhale and relax everyone. It comes about four months after head coach Frank Beamer was extended two years through January 1, 2019. Foster is due a one-time $800,000 annuity payment at the end of the 2014 football season from an agreement in December 2009.

This should put any rumors of Bud leaving Blacksburg to bed.

To put final kibosh to the Bud Foster-Tex A&M rumors that had no legs, I'm told #Hokies have been working on extension since middle of fall.— Hokies Journal (@HokiesJournal) December 22, 2014

The $800,000 bonus put Foster over the top as the highest paid college football assistant ($1,369,500) according to USA TODAY. The USA TODAY database (which isn't inclusive of every college football assistant private schools are not subject to the same public records disclosure) ranks defensive coordinators, including Foster, as 7 of the top 10 highest paid assistants.

RANK SCHOOL ASSISTANT COACH TOTAL PAY 1 Virginia Tech Bud Foster $1,369,500 2 Alabama Kirby Smart $1,355,850 4 LSU John Chavis $1,312,300 6 Louisville Todd Grantham $975,000 7 Michigan State Pat Narduzzi $907,033 9 Baylor Phil Bennett $897,926 10 Michigan Greg Mattison $888,333 11 Clemson Brent Venables $875,000 12 Oklahoma Mike Stoops $856,400 13 Georgia Jeremy Pruitt $851,600 14 Auburn Ellis Johnson $850,000 16 Texas Vance Bedford $800,500 19 South Carolina Lorenzo Ward $755,450

To further clarify, Bud Foster's deal will pay him $900,000 annually, source says. $600K base salary, $300K yearly retention bonus. #Hokies— Andy Bitter (@AndyBitterVT) December 22, 2014

If Bitter's salary is correct, Foster's new deal will make him one of the highest paid college football assistants, annually, and deservedly so.

By every conceivable statistic Bud Foster is one of the best defensive coordinators in college football. In 19 full seasons as the man in charge of the Lunchpail Defense, Foster's units have ranked in the top 15 nationally of total defense 12 times. Foster fielded elite units in 2014 and 2013. According to F/+, Football Outsiders' advanced and opponent adjusted college football ranking, the Hokies finished with the 3rd best defense in 2013, and is currently the 4th best nationally in 2014. The 2006 Broyles Award winner has earned a reputation as one of the best coaches at making in-game adjustments, and he may be second-to-none in terms of game planning and adapting his scheme over the years.