If the Nittany Lions were banking on Curt Cignetti to head to State College, they need to go to Plan B.

Indiana University agreed to a massive eight-year contract extension with Cignetti, their head football coach, that makes him the third-highest paid coach in college football.

Cignetti's new deal is worth $93 million over eight years, giving him an estimated $11.6 million per season. The contract is set to run through Nov. 30, 2033.

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This extension comes after rumors of Cignetti being someone Penn State could pursue to replace James Franklin, who was fired after three straight losses this season.

"At Indiana University, we are committed to performing at the highest levels in everything we do, and no one has exemplified that more than Coach Cignetti," Pamela Whitten, Indiana University's president, said in a statement. "Put simply, Cig is a winner."

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Cignetti is only behind Georgia's Kirby Smart ($13.3 million per season) and Ohio State's Ryan Day ($12.6 million).

"From last year's College Football Playoff appearance to this year's top-3 national ranking, the IU Football program's success has been tremendous. Curt and Manette Cignetti are home in Indiana and awe are delighted that the Cignetti family will be Hoosiers for many years to come."

Cignetti has truly turned the Hoosiers' football program around. He won the National and Big Ten Coach of the Year honors last season after Indiana finished 11-1 during the regular season to reach the College Football Playoff. They were knocked out by the Notre Dame Fighting Irish, but it was clear Indiana was heading in the right direction.

This season, with Heisman frontrunner Fernando Mendoza leading the way at quarterback, the Hoosiers are 6-0. Only Ohio State owns the same record in the Big Ten through six games.

Indiana's recent victory over Oregon on their home field in Bloomington cemented the Hoosiers as a true national title contender this season.

Before the extension, Cignetti was making $8.3 million this season without any bonuses in his deal. That was the 18th-highest figure in college football, and just No. 7 in the Big Ten.

So, with Penn State potentially lurking to take Cignetti away from the Hoosiers, Indiana moved quickly to keep their coach in place to continue building his program. Arkansas is also looking for a new head coach.

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Cignetti and the Hoosiers will look to remain undefeated this weekend in a bout with Michigan State.

Indiana extends Curt Cignetti on massive 8-year deal as Penn State loses out on coaching target