Lincoln Riley reflects on the Sooners' 45-34 loss to Alabama in the Capital One Orange Bowl, saying his team proudly fought until the finish. (1:26)

Putting NFL rumors to rest, Oklahoma coach Lincoln Riley has agreed to a contract extension with the Sooners.

Oklahoma's Offense Since 2015 Since Lincoln Riley came to Norman in 2015 as the Sooners' offensive coordinator, Oklahoma's offense has been the best in the FBS. FBS Rank PPG 45.3 1st YPG 559.3 1st Total QBR 90.7 1st Pass TD 171 1st -- ESPN Stats & Information

A source told ESPN that Riley would receive a significant raise. Riley was the 16th-highest-paid coach in college football this season.

Riley led Oklahoma to the College Football Playoff in his first two seasons as head coach while mentoring Heisman Trophy winners Baker Mayfield and Kyler Murray, the first quarterbacks from the same school to win the award in consecutive years.

"We felt it important to extend and amend Lincoln's contract at this time as we want him at the University of Oklahoma for a long time," school president James Gallogly said Tuesday in a statement. "He is a great coach and role model for our student-athletes. His record of success speaks for itself.

"Lincoln is also the right representative for our university in such a high-profile position. I am proud to work with him and anxious to support him as he takes our program into the future."

Riley's success had drawn the interest of NFL teams. But he hinted after the Sooners lost 45-34 to Alabama in the CFP semifinal that he wasn't ready to leave Oklahoma.

"He has proven to be one of the most innovative minds in the game today as well as a very successful leader for his student-athletes. His remarkable ascent as one of the most outstanding football coaches in America is grounded in creating the right environment for developing the best growth opportunities for all of his players. The incredible level of achievement and energy around our program all point to a very bright future under his leadership," athletic director Joe Castiglione said in Tuesday's statement.

Riley was promoted from offensive coordinator at Oklahoma in the spring of 2017 after Bob Stoops retired. Oklahoma has led the nation in yards per play each of the last two seasons.

"My family and I are very appreciative of the support the University of Oklahoma has shown. We're thankful for the relationships we have with President Gallogly, Joe Castiglione, the OU Board of Regents and the entire Norman community,'' Riley said. "This has been a great home for us. We've had a great start and we're excited for many more great years in the future.''

Details of the contract extension will be finalized at an Oklahoma regents meeting later this month.

Information from The Associated Press contributed to this report.