Holgorsen's 2017 salary was third-lowest in the Big 12 Conference at $2.8 million, but that raises to $3.5 million plus incentives.
The 45-year-old is in his sixth season with the school, and has gone 46-30 during his time there, including 10-2 this season. Most recently, they ended their regular season with a close 24-21 win over Baylor.
The Mountaineers finished third place in the Big 12, but did get a good bowl bid, as they will battle Miami (FL) December 28th in the Russell Athletic Bowl.
Meanwhile, one team that will not see bowl play is the Cincinnati Bearcats. The news got worse on Sunday, as head coach Tommy Tuberville stepped down after four seasons with the school. The schoo is coming off a 4-8 season, sending Tuberville to a record of 29-22 during his four seasons there.
Rumors began to swirl last Wednesday that the 62-year-old would be fired, which would lead to a $1.5 million buyout, compared to the $2.4 million buyout that is taking place. All of this comes after he receieved a two-year contract extension, keeping him with the school through the 2019 season. That deal was reached earlier this year.
Tuberville does have plenty of coaching experiece in his day, also spending time with Ole Miss, Auburn, and Texas Tech during his 21 years of coaching. In that time, he has a record of 159-99.
The Bearcats struggled at the tail end of their season, dropping their final five games, and missing out on a bowl game for the first time since 2010.