AUSTIN, Texas (CBSDFW.COM/AP) – Texas is giving athletic director Chris Del Conte a raise and three-year contract extension that will bring his guaranteed annual salary to $2.5 million by 2027.

Del Conte will receive an immediate raise from $1.54 million to $2.08 million in 2020, according to contract details posted in the agenda for the university’s Board of Regents meetings Wednesday and Thursday.

Chris Del Conte (courtesy:

Texas hired Del Conte from TCU in December 2017.

His original contract was to expire in 2024. Del Conte has hired track and softball coaches and pushed creative new game-day experiences at football games. Texas now hosts “Bevo Blvd” with food and live music outside the football stadium on home game Saturdays.

The school also has already started a major renovation project on the football stadium and is moving ahead with plans for a new on-campus basketball arena.

His new contract includes more than $16 million in guaranteed compensation. It also has a buyout clause nearly equal to what would be left on the contract if Del Conte decides to leave.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)