Pederson, formerly the athletic director at the University of Pittsburgh, replaced current Texas A&M athletic director Bill Byrne in 2003 and quickly became a lightning rod for controversy with his firing of football coach Frank Solich after a 9-3 season.

Perlman said Pederson's accomplishments with the hiring of coaches and the financial management of the athletic department were key factors in the decision to grant the North Platte native an extension.

"In these days of close scrutiny of intercollegiate athletics, the university is fortunate to have someone as its athletic director who is committed to the overall development of student-athletes, has adopted sound financial management practices, and insists on the highest standards of compliance with university and NCAA rules," Perlman said. "I am delighted that he has agreed to this extension."

Nebraska leads the Big 12 in student-athlete graduation rates at 94 percent, and both the men's and women's programs satisfied current NCAA academic standards. Nebraska continues to lead the country in Academic All-Americans.

Pederson has made a couple of significant coaching hires during his tenure, including the controversial pick of Bill Callahan to lead the football team. He also landed Doc Sadler late last summer to coach men's basketball.

The recent North Stadium addition was also done under Pederson's watch. The $40 million facility was constructed on time and within its budget, with numerous private donations raised in a short time frame. Perlman also noted the athletic department had a "stable" financial condition.

Pederson said he was happy to be offered the extension to stay with the Huskers.

"I view this extension of my contract for a long term as a compliment to our coaches, administrative staff, and our student-athletes," said Pederson. "I see this as an opportunity to continue the work that we have started together. I am especially thankful for my fellow Nebraska fans who make this the best college atmosphere in the country, and I look forward to many fun and exciting times together in the coming years."