The 54-year-old Foley has agreed to an 11-year deal worth up to $1.2 million annually with bonuses, making him the highest paid athletic director in the country and keeping him in Gainesville until retirement age.
"I am extremely appreciative and thankful for the support of (school president) Dr. (Bernie) Machen and the University of Florida," Foley said Friday in a statement. "I will continue to dedicate myself to leading the Gator athletic program and feel blessed to be a part of this great institution and community."
Foley's previous contract, signed in 2005, paid about $600,000 annually. His new one won't be finalized for a few weeks, but school officials said it has been approved by the athletic department's compensation committee.
"Jeremy's contract is what you would expect for the best athletic director in the nation," Machen said Friday in a statement.
Foley started with the Gators in 1976 as an intern in the ticket office and rose to athletic director in 1992. He now oversees one of the top programs in the country.
Florida has a $76.6 million athletic budget and 300 employees, and unlike some of its counterparts, gets no state funding. The program is sustained by booster donations and revenue from ticket sales, licensing and television contracts.
The Gators have claimed 12 national championships and 77 SEC championships during Foley's tenure. The last two years have been the most impressive, with Florida becoming the first school to hold titles in football and men's basketball at the same time.
Foley was the architect of it all, hiring Donovan in 1996 and luring Meyer in 2004.
Donovan and Meyer also got new contracts this month. Donovan, who left to take the head coaching job with the NBA's Orlando Magic and then changed his mind and returned to Florida, agreed to a six-year deal worth $3.5 million annually. Meyer's six-year deal is worth $3.25 million a year.
Story Courtesy: CBS.sportsline.com & AP Wire Reports