The Kentucky Wildcats have rewarded basketball coach John Calipari and football coach Mark Stoops with two-year extensions, the school announced Wednesday.

Calipari agreed to terms as his deal will now run through March 2024. He will make $7.75 million next season and $8 million per season thereafter.

"John has achieved consistent championship-level performance at Kentucky," athletic director Mitch Barnhart said in a statement. "No one in America is better suited for everything that comes with being the coach here. Not only has he attained incredible success on the court, he is also a leader in our community and in college basketball."

The extension announced Wednesday includes a compensation review in June 2022 to compare it to other coaches' contracts and allows for a new amendment to be negotiated. Calipari would also be paid $5 million for each year if Kentucky terminates the contract.

Calipari, whose Wildcats face UCLA in the Sweet 16 of the NCAA tournament on Friday, has a 248-52 record in his eight seasons at Kentucky, which includes four Final Four appearances and the 2012 national championship.

Stoops's deal will now run through June 2022. He will make $3.5 million next season and, as part of the new deal, will receive an extra $250,000 per season thereafter.

"The last four years have been a grind for Mark and his staff, but he has never wavered in his commitment to building Kentucky football into a consistent winner," Barnhart said. "While the work isn't close to finished, we believe Mark is the coach to take us there."

The Associated Press contributed to this report.