Ohio State signed Meyer to a lucrative contract extension through the 2020 season that makes him college football's second highest-paid coach, behind Alabama's Nick Saban.
Meyer's original contract with Ohio State ran through the 2017 season. His new deal will increase his pay for 2015 from $4.9 million to $5.8 million and increase his compensation each year. The contract changes and extension are expected to be officially approved at the university's next Board of Trustees meeting, scheduled for June 3-4.
"Urban Meyer has done an excellent job strengthening our culture of commitment to academics, career development and winning championships," said Gene Smith, vice president and director of athletics at Ohio State.
Since joining Ohio State in 2012, Meyer has led the Buckeyes to a 38-3 record. He has a 142-26 college coaching record, which includes three national titles.
"I am honored to serve as football coach at The Ohio State University and to represent this great university," Meyer said in a statement.