Virginia Coach Mike London has agreed to a two-year contract extension that increases his guaranteed annual compensation and provides for additional compensation for the assistants on his staff. The university announced the extension in a press release Friday afternoon, one day before the Cavaliers face Auburn in the Chick-fil-A Bowl.

Under the terms of the extension, London will be paid $2.1 million annually – a 23.5 percent increase from the original five-year contract he signed in December 2009 – and is eligible to receive a longevity bonus on Jan. 15, 2015. The amount of the longevity bonus was not disclosed in the press release.

The 2011 ACC coach of the year, London now is under contract at Virginia through 2016. After the Cavaliers posted a 4-8 record last season in London’s first year at the helm, Virginia turned in an 8-4 mark this fall and became bowl eligible for the first time in four years.

London’s updated guaranteed annual compensation ties him with Virginia Tech Coach Frank Beamer for fourth-highest among ACC football coaches. Only Wake Forest’s Jim Grobe ($2.9 million), Florida State’s Jimbo Fisher ($2.75 million) and Georgia Tech’s Paul Johnson ($2.3 million) make more in guaranteed annual compensation. London’s previous guaranteed annual compensation ($1.7 million) had ranked ninth among ACC football coaches.

“Mike London and his staff are a great fit for the University of Virginia,” Virginia Athletic Director Craig Littlepage said in the news release. “Commitment and continuity on the staff are major components of building a program. We want to keep the program’s momentum moving and this extension will help achieve that.”

Earlier Friday, reported London had signed a new five-year contract and that the $225,000 pledge London made last week toward the school’s indoor practice facility project was part of the new deal. The school’s press release made no mention of London’s pledge.

At a press conference Friday morning, London declined to discuss his contract situation, stating that his focus was on Saturday’s bowl game against Auburn. He did say that he was “excited about the opportunity to stay at Virginia for a long time.”

“I’m very grateful, humbled and appreciative of this gesture by the University,” London said in the press release. “I am truly blessed to be working at one of the nation’s finest universities with an administration that is supportive of the type of football program we all want to have that reflects the University’s values and mission.

“More than anything, this says that everyone involved with the Virginia football program has done an outstanding job. From the assistant coaches, the support staff and most importantly our student-athletes. They all believed from day one that we can accomplish great things here and I think this is just the start of a very bright future for Virginia football. I am very thankful to President [Teresa] Sullivan and athletic director Craig Littlepage for this extension.”