Nate Oats and Alabama have agreed on a long-term contract extension that will make him one of the five highest-paid college coaches in the country, sources told ESPN.

The deal, which was announced Friday, is set to go before the Board of Trustees for approval next week.

Since arriving in Tuscaloosa in 2019, Oats has led Alabama to two SEC regular-season championships and two SEC tournament titles. In his second season at the helm, the Crimson Tide won their first regular-season title since 2002, earning a 2-seed in the NCAA tournament and making a run to the Sweet 16.

Alabama made the NCAA tournament in 2022 and then earned the No. 1 overall seed in the 2023 NCAA tournament -- the first 1-seed in program history -- after again winning both the SEC regular season and tournament championships. They beat Texas A&M-Corpus Christi and Maryland before suffering an upset in the Sweet 16 to eventual national runner-up San Diego State.

This season, Alabama is on track for a top-four seed in the NCAA tournament. It enters Friday's SEC quarterfinal game against Florida with a 21-10 (13-5 in the SEC) record.

Oats has also improved Alabama's recruiting, landing four five-star prospects and 13 ESPN 100 recruits since taking over the program. Brandon Miller, last year's No. 2 pick, was the highest Alabama player selected in the NBA draft since Antonio McDyess in 1995.

Prior to replacing Avery Johnson in 2019, Oats was the head coach at Buffalo four four seasons, guiding the Bulls to three NCAA tournaments and back-to-back first-round wins in 2018 and 2019.

Oats last signed a contract extension in February 2023, a deal that paid him $4.5 million per year and kept him in Tuscaloosa until 2029.