El Paso, TX -- (Sports Network) - Oregon State and head football coach Mike Riley have agreed on a one-year contract extension through at least the 2015 season.

Oregon State athletic director Bob De Carolis made the announcement as the Beavers prepare for a Sun Bowl game against Pittsburgh on New Year's Eve.

"There is no question we are on the right track in all facets of the football program," said De Carolis. "We have enjoyed some of our best seasons ever with Coach Riley at the helm and he has developed a program that continues to compete at the highest level."

Riley is due to make a salary of approximately $1 million this season with included incentives. He had been working with a six-year contract that rolled over for every bowl appearance. The new contract will be at seven years and is structured similarly in that it will add a year for every bowl appearance.

"This is a recognition of how much Coach Riley has done for not only the football program, but the university overall," De Carolis added. "We have a lot of confidence in Coach Riley to lead us for future seasons."

Riley is in his eighth year overall as head coach of the Beavers. He led Oregon State to a mark of 8-14 from 1997-98, then left for the NFL and returned to the program in 2003.

Since the 2003 campaign, Oregon State has produced a winning record in five of Riley's six seasons with five bowl appearances.

This year's team is 8-4 and finished tied for second in the Pac-10 with a mark of 7-2. The Beavers handed Southern California its lone loss of the season in a 27-21 contest back in September.

"I appreciate this commitment by Bob De Carolis and the university," said Riley. "I have a terrific job at a place that I truly love. The entire coaching staff has built a program in all areas that we are proud of. I look forward to many more successful seasons as the coach of this team."

The Beavers have a record of 55-42 overall in Riley's eight seasons, including 47-28 since he returned to Corvallis in 2003.