Old Dominion has signed Jeff Jones to a four-year contract that will keep the veteran basketball coach at the University at least through 2021-22.

Jones received a raise of about $50,000 per year over the original deal he signed in 2014 and will be among the three highest-paid coaches in Conference USA, according to Dr. Wood Selig, ODU’s athletic director.

He will make $506,974 per year, but $283,000 will come from private resources. No taxpayer money is used for athletics.

He’ll also earn $60,000 for doing pre- and post-game radio shows.

Bonuses based on his team’s performance could increase his income significantly. If ODU goes to the NCAA tournament, for instance, he earns an additional $25,000.

Jones’ prior contract was set to expire after two more seasons. Selig has expressed steadfast support for his coach, but the new deal will do far more than just words to convince fans and recruits that Jones is sticking around.

“This sends an important message to recruits and others that institutionally we are extremely pleased with the leadership and body of work, both academically and competitively, that Jeff has provided during his first five years,” Selig said.

“Virtually every measurable aspect of our program grades highly. And that speaks to the overall quality of his work.”

The contract extension won’t be popular among all ODU fans, some of whom are disappointed because the Monarchs haven’t been to the NCAA tournament since 2011.

I feel their frustration, but the new reality in college basketball is that unless you’re a member of a power league, you have to win your conference tournament to have a reasonable chance of going to the NCAA tournament.

A decade ago, mid majors were claiming nearly half a dozen NCAA bids per year, but last season, Nevada was the only true mid major to be picked by the NCAA committee.

Jones’ record at ODU speaks for itself. He has won an average of almost 23 games per season and hasn’t had a losing season.

Jones is 114-58 at ODU and is 471-345 in 26 seasons of coaching.