The South Carolina Gamecocks have extended the contract of basketball coach Dawn Staley through the 2021 season, it was announced Friday.

The contract, approved by the University of South Carolina Board of Trustees, gives Staley a $200,000 raise. She will earn $1.1 million next season, and if she should opt out at any point, the buyout has been more than doubled from the original amount.

Dawn Staley, who guided South Carolina to its first SEC tournament title and Final Four appearance last season, will earn $1.1 million next season. AP Photo/Chuck Burton

The Gamecocks (34-3) are coming off a breakthrough season, winning a second SEC championship and reaching the program's first Final Four before falling to Notre Dame in the national semifinals.

"Dawn Staley is an iconic figure, not just in women's basketball but in all of athletics," athletic director Ray Tanner said in a statement. "She has been successful in every step she has taken -- as a student-athlete, college coach and USA Basketball coach.

"I believe that not only her on-the-court successes have made her great, but her efforts in the community and on campus have made her the leader she is today. Dawn is the type of coach that we want at the University of South Carolina, and I am glad that she is on our team."

The two-time SEC Coach of the Year and Naismith Coach of the Year finalist has won back-to-back SEC regular-season titles and has reached the Sweet 16 of the NCAA tournament in three of the past four seasons. She has a 155-74 record in seven seasons with the Gamecocks, and an overall record of 327-154 in 15 seasons.

"One of the things that has made a difference both for me professionally and for our program is the unwavering commitment from every part of our university to our success," Staley said in a statement. "... I know we all consider our success in bringing together our University, our community and our state equally as important as the wins and NCAA Final Four appearance this season."