The deal also calls for $100,000 raises each year after that and $50,000 bonus every time the broncos win at least eight regular season games.
In four seasons Petersen is 49-4 and has led the Broncos to three conference titles and two Fiesta Bowl victories.
Sounds like a great deal for Petersen. But what about /*Pat Hill*/?
Fresno State promised him a contract extension back in December, but Hill tells Action News he still hasn't received an offer from the school.
"Well it should happen soon. I guess it's in Long Beach. You know everybody has to evaluate it and mark off on it. I really haven't seen it much but I'm not really worried about it. We're under contract this season and there will be a contract extension. When it happens? Your guess is as good as mine," said Hill.