In the midst of its best basketball season in years, Alabama is set to extend Nate Oats a lucrative contract extension. According to a report from CBS' Jon Rothstein, Oats will receive a new deal that will see him make an excess of $4 million annually and extend his time in Tuscaloosa through the 2028-29 season.

Alabama’s Board of Trustees is meeting on Friday to discuss Oats’ contract.

In February of 2021, Oats signed an extension that ran through the 2026-27 season and raised his salary to $3.237 million annually. That deal included a buyout that began at $12.5 million for last season before dropping to $9.8 this season, $7 million next season and $2.4 million in the 2024-25 campaign. The buyout information in Oats’ updated deal has yet to be announced.

Alabama (19-3, 9-0 in the SEC) is currently ranked No. 4 in the Associated Press Poll. The Crimson Tide is a No. 1 seed in ESPN analyst Joe Lunardi’s latest NCAA Tournament projection.

Oats, 48, is currently 80-39 during his time at Alabama. Before this season, his best campaign came in 2020-21 when Alabama finished 26-7, claiming both the SEC regular season and conference tournament titles before advancing to the Sweet 16 of the NCAA Tournament.