Oregon State coach Jonathan Smith received a contract extension through the 2027 season, the school announced Friday.

The Beavers (7-4, 5-3 Pac-12) are bowl eligible for the first time since 2013 and are still in the mix for a spot in the Pac-12 championship game. Oregon State plays at heated rival Oregon on Saturday.

Smith, a former standout quarterback at the school, has a 16-26 record in four seasons with the Beavers.

"Coach Smith has led the resurgence of our football program in a way that has made all of Beaver Nation proud," athletic director Scott Barnes said in a news release. "Their steady growth, improvement and success on the field, in the classroom and the community is apparent. A strong foundation has been laid for success and the future of Beaver football is bright due to Coach Smith's leadership.

"We continue to invest in our program to build and sustain success in the Pac-12 and nationally, including assistant coach and staff salaries and our game-changing $153 million Completing Reser Stadium initiative. We brought Coach Smith home four years ago and I look forward to our continued partnership for years to come."

Smith is reportedly making $2.5 million this season. No terms were released but The Oregonian reported that Smith will receive "a seven-figure annual raise."

Regardless, Smith was happy to reach the deal on the extension.

"I want to thank the Oregon State administration for making this commitment to our football program," Smith said. "The continuity of our coaches and football staff has been a key reason for the success our student-athletes have had on the field, in the weight room and in the classroom. I'm thrilled the work by everyone in our program has been noticed, and they are being rewarded to help us continue to build this in the best possible way."

Smith played at Oregon State from 1998-2001 and ranks third on the school's all-time list in both career passing yards (9,680 yards) and touchdowns (55).

The two-time captain guided the Beavers to an 11-1 mark in 2000 as the Beavers finished the season with a 41-9 steamrolling of Notre Dame in the Fiesta Bowl. The Dennis Erickson-coached squad finished fourth in the final ranking.