In Kirby Smart's second year as a head coach in college football, he led Georgia to its first SEC title since 2005, a dramatic Rose Bowl national semifinal win over Oklahoma and came within a hair of the national championship in a loss to Alabama.

To show its gratitude, Georgia is making Smart one of the highest-paid coaches in the country. 

The school announced Thursday afternoon that it has giving Smart a new seven-year deal that will be worth a whopping $49 million.

"I'd like to first thank President [Jere] Morehead and athletics director Greg McGarity for allowing me to lead this program," Smart said in a statement. "I'm humbled by the faith they've placed in me and won't ever take that for granted. I'd also like to thank our staff and our entire football family. Without their hard work and dedication we wouldn't have been able to have the kind of success we've had in such a short period of time."

In two seasons as the coach of the Bulldogs, Smart is 21-7 overall, 11-5 in SEC play and elevated the program to a point where it is a major player on the national stage.

Prior to his time in Athens, Smart spent nine years (2007-15) on Nick Saban's staff at Alabama, the final eight of which were as defensive coordinator. A former defensive back for the Bulldogs, Smart was an All-SEC performer in his senior season in 1998.

"As a young boy, I grew up in this great state dreaming of being a Bulldog," said Smart. "To have been able to do that -- first as a player, and now as the head football coach -- is beyond anything I ever dreamed. I do not take lightly the awesome responsibility of leading this program, and while I'm pleased with where we are as a program, I couldn't be more excited about where we're going in the future.  You can rest assured that we will continue to work tirelessly to make Georgia football the best it can possibly be."

With the extension and raise, Smart is now the fifth-highest paid coach in the country and one of seven coaches earning at least $7 million per season (Saban, Dabo Swinney, Urban Meyer, Jim Harbaugh, Jimbo Fisher and Gus Malzahn).