BOULDER, Colorado (Ticker) -- The University of Colorado reportedly has rewarded football coach Gary Bennett for leading the Buffaloes to the Big 12 Conference championship last season.

The Rocky Mountain News reported Friday that Bennett has signed a five-year contract extension that will made him the third-highest paid coach in the Big 12. The newspaper said the deal could be worth up to $8 million.

A university spokesman would not confirm the signing.

Bennett, who originally signed a five-year contract when he was hired in 1999, has posted a 20-16-0 record in his three seasons as Colorado coach.

The Buffaloes posted a 10-3-0 record last season, a seven-game improvement from their 3-8-0 mark in 2000.

Colorado clinched a berth in the Big 12 championship game with a shocking 62-36 victory over Nebraska, then won the title with a 39-37 win over Texas.