Heupel has a 9-6 record through his first 15 games as Tennessee's head coach, which includes a 2-0 start in 2022.
The Vols are coming off a 34-27 road win against Pittsburgh in Week 2 and currently rank No. 15 overall in the Associated Press Top 25 College Football Poll, entering Saturday's (September 17) game against Akron as a 47.5-point favorite.
Heupel's new salary ranks him 11th among SEC coaches and raises his buyout to $8 million should he leave the program before December 15, 2023, while decreasing by $2 million annually each year thereafter.
The coach's bonus structure will not change from his original contract agreement, which includes bowl bonuses ranging from $100,000 for a bowl game appearance to $500,000 for winning the national championship, according to Volquest.
Heupel also receives incentives for SEC Championship Game appearances, winning coach of the year honors, academic progress achievements and finishing the college football postseason ranked in the top 25.
The 44-year-old has a 37-14 overall record, which includes a 28-8 (19-5) record during three seasons at UCF.