Oklahoma State coach Mike Gundy has signed a perpetual five-year contract to stay in Stillwater long term after approval by the university's Board of Regents. The contract language means that Gundy will automatically receive a one-year extension each season to keep him on a five-year contract. Terms of the contract will be released at a later point. 

"Coach Gundy has elevated the Cowboys to among the most consistent winners in college football during his 17-year tenure at Oklahoma State University," said athletic director Chad Weiberg in a statement. "This reinforces Oklahoma State's commitment to competing for championships in football and to winning the right way ... I look forward to the future and believe the best is yet to come for Cowboy Football under coach Gundy's leadership."

Gundy is by far the most successful head coach in program history. The former Cowboys quarterback has 137 wins as head coach, more than double the next-best coach (Pat Jones), and one of the best winning percentages of any coach in program history. Oklahoma State is also one of just three Power Five programs to earn bowl trips in each of the last 15 seasons. Gundy himself has notched six 10-win seasons since 2010 and has not fallen under .500 since his first season in 2005. 

The Cowboys have started the 2021 season 6-0, climbing to No. 8 in the AP Top 25 following wins over Baylor, Kansas State and Texas. That's put Gundy's team in the driver's seat to reach the Big 12 Championship Game for the first time since it returned in 2017. 

"I am appreciative to Athletic Director Weiberg for his commitment and confidence in our football program, as well as our entire athletic department," Gundy said in a statement. "I also want to thank President Shrum and the Board of Regents. Stillwater is home, and I love this community and Oklahoma State. Coaching my beloved alma mater is a great honor for me. I look forward to working with my outstanding coaching staff to continue having a positive impact on the lives of the players and their families who allow us the privilege to help them succeed on the field and in life."

No. 8 Oklahoma State will face off against Iowa State as a touchdown underdog at 3:30 p.m. ET on Saturday in Ames, Iowa.