STILLWATER, Oklahoma - OSU and men's basketball coach Mike Boynton have agreed in principle on an extension to Boynton’s contract that will keep him with the Cowboys through the 2023-24 season.

The two-year extension to the original five-year contract increases Boynton’s annual salary to $1.6 million with a $125,000 increase for each subsequent year, and will be paid for with private funds.

"I want to first thank coach Holder, President Burns Hargis and the OSU Board of Regents," Boynton said. "One year ago, they provided me with the opportunity of a lifetime. They believed in me, and their leap of faith is greatly appreciated. Today’s announcement signifies another level of commitment - a commitment to our staff, our program and our unified vision of what Cowboy basketball can become."

Boynton and the Cowboys exceeded expectations after being tabbed to finish last in the Big 12 Conference Preseason Poll. OSU finished the year with 21 victories, tied for sixth in the league standings and won a school record four games against top-10 opponents.

The Cowboys advanced to the third round of the National Invitation Tournament and tied the program record with 15 wins in Gallagher-Iba Arena.

OSU also made gains in the classroom with a 3.01 team GPA in the spring of 2017 and a pair of Academic All-Big 12 honorees in Trey Reeves and Mitchell Solomon.

"I am more excited than ever for what the possibilities are for this program," Boynton said. "Together, we will get back to the top of the college basketball mountain and bring a championship to Stillwater."

Boynton’s contract is pending the approval of the Board of Regents for the Oklahoma Agricultural & Mechanical Colleges.