Leading the Panthers to the Super Bowl has paid off for Ron Rivera. Literally.
According to the Charlotte Observer, the Panthers have signed Rivera to an extension that will give him a raise of roughly $2 million per year. Under the new deal, which will run through 2018, Rivera will pull in an average of $6.5 million per season.
The three-year, $19.5 million contract could be worth as much as $22.5 million if Rivera reaches certain incentives, according to NFL.com.
Although the incentives in the deal weren't specified, many NFL coaches have incentives tied to the postseason.
The Panthers basically ripped up Rivera's old contract and gave him a new one. The new deal will replace a three-year extension that Rivera signed before the 2014 season. Under that deal, Rivera was making about $4.5 million per year. The old deal had one more year left, but clearly, the Panthers wanted to reward Rivera for his recent success.
Under Rivera, the Panthers have won the NFC South title for three straight seasons, which is even more impressive when you consider that before 2014, the division had never had a repeating champ.
During Rivera's five seasons as coach, the Panthers have made the playoffs three times and have advanced to at least the divisional round in all three appearances. Carolina's best season under Rivera came in 2015 when the Panthers shocked everyone by finishing the year 15-1.
Carolina's surprising run in 2015 ended with a 24-10 loss to the Broncos, in Super Bowl 50.
Rivera was named the NFL Coach of the Year in 2015, which was his second time winning the award in three seasons.
Under his new deal, Rivera will be making almost $4 million more per season than he earned during his first year with the team. Rivera signed a four-year, $11.2 million deal with the Panthers after he was originally hired before the 2011 season.
Rivera is now one of the NFL's highest-paid coaches, although he still trails Pete Carroll, Sean Payton, Bill Belichick, Andy Reid, Jeff Fisher and John Harbaugh, who are all believed to be making more than $7 million per year.