Norman, OK -- (Sports Network) - Oklahoma announced that the university is extending the contract of basketball coach Jeff Capel through 2014, pending approval of the OU Board of Regents.

The new contract calls for a guaranteed compensation of $1,050,000 per year plus incentives. In addition, the contract includes a stay bonus of $100,000 per year payable at the conclusion of six years.

"Jeff Capel has done an outstanding job of rebuilding OU's basketball program with even greater potential for success in the future," said OU President David Boren. "He is an outstanding teacher and mentor of our student- athletes."

After posting a record of 16-15 in his first season, Capel led Oklahoma to a 23-12 mark in 2007-08, finishing fourth in the Big 12 Conference and earning a first-round bye in the league tournament. OU later advanced to the second round of the NCAA Tournament.

"I want to thank the University of Oklahoma, especially president Boren and Joe Castiglione, for the continued belief in me and in our basketball program," Capel said. "Our program made tremendous progress this season and the new contract will allow us to build on our momentum.

"This is also a direct reflection on our players, assistant coaches and support staff. I'm thankful to everyone associated with our program and look forward to continuing my steadfast commitment to the University by helping our program get better each day."