Virginia Tech Coach Frank Beamer arrives for a news conference in Blacksburg on Aug. 9. (Matt Gentry/AP)

With retirement speculation growing after consecutive disappointing seasons, Virginia Tech football coach Frank Beamer has agreed to a two-year contract extension that will keep him at the school through at least the 2018 campaign.

Beamer, 67, will begin his 28th year at Virginia Tech on Saturday against William & Mary with more wins than any active Football Bowl Subdivision coach (266), but the Hokies have gone 15-11 the past two seasons combined after winning at least 10 games for eight consecutive seasons.

“Announcing before our home opener serves as a tangible show of support for the winningest coach in college football, who does it the right way, continues our positive momentum in recruiting, and signals the stability of leadership in our program,” Athletic Director Whit Babcock said in a statement.

Terms of the contract extension were not released, but an athletic department official involved in the negotiations said Beamer’s salary and bonus structure remain largely unchanged from his current deal, which began last year and runs through 2016. He earned more than $2.4 million during the 2013 season.

Beamer previously agreed to serve as a special assistant to the athletic department, once he retires as coach, for eight years at an annual salary of $250,000. But rumors about when Beamer might end his coaching career had been increasing in frequency and negatively impacting Virginia Tech on the recruiting trail.

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“I can honestly tell you that our program currently stands atop a rock-solid foundation. This coaching staff is the best I’ve ever had,” Beamer said in a statement. “We’ve had an influx of talented, young student-athletes into our program and we’re hard at work recruiting more just like them. . . . I’m proud of where we’ve been, and I’m extremely excited about where we’re going.”