BLOOMINGTON, Indiana – After guiding his alma mater to consecutive NCAA tournament appearances in his first two seasons in the job, Mike Woodson will receive a seven-figure raise across the remaining four years of his contract.

Originally paid slightly north of $3 million, in a six-year deal signed in 2021, Woodson will received an added $1 million per year for the remainder of his deal. Per a news release announcing his raise, Woodson will earn $4.2 million annually, making him the third-highest paid Big Ten men’s basketball coach behind only Tom Izzo (Michigan State) and Brad Underwood (Illinois).

“Upon his arrival, Coach Woodson immediately re-inserted our program into the national conversation both in terms of an elevated level of success on the court and in recruiting," Indiana athletic director Scott Dolson said in the release. "I knew that returning our program to the level that Hoosier fans rightfully expect would be a process that wouldn't happen overnight. I have been extremely pleased with the steps we have taken during the last two years.

“I believe under Coach Woodson's leadership, we have positioned the program to compete at the highest levels in recruiting, which in turn will enable us to compete at the highest levels within the Big Ten and in the NCAA Tournament."

Woodson is 44-26 across his first two seasons in college, and 2-2 in NCAA tournament play. The Hoosiers are 21-19 in conference games in that span, their 12-8 finished in the league last season their first winning record in Big Ten play since 2016.

Additionally, this summer’s NBA draft marked the first time since 2017 multiple Indiana players were taken in the same year, as Jalen Hood-Schifino (Los Angeles Lakers) and Trayce Jackson-Davis (Golden State Warriors) each heard their names called. IU is currently attempting to parlay the recruiting momentum of that success into one of the best 2024 classes in the country, with a host of official visits lined up for the weeks ahead.

Those visitors will now come to campus to meet a coach more handsomely compensated for his work.

Follow IndyStar reporter Zach Osterman on Twitter: @ZachOsterman.