Source: Sonny Dykes receives raise

Along with a two-year contract extension, Louisiana Tech coach Sonny Dykes has received a raise that will lift his annual salary to more than $700,000, a source told ESPN college football reporter Joe Schad.

Dykes, who was a finalist for the coaching job at Houston, will also have his contract buyout reduced and his staff will receive raises, the source said.

He is now under contract through the 2017 season.

Louisiana Tech won the Western Athletic Conference this season. The Bulldogs' finished 8-5 after losing 31-24 to TCU in the Poinsettia Bowl in San Diego on Wednesday night.

"I'm just excited about the future of our program," Dykes said after the game. "I think we are definitely making a commitment and I am appreciative of the president and athletic director for believing me and my coaching staff and so I'm excited about it."

The extension is pending approval from the University of Louisiana Board of Supervisors.

"We are very excited to retain coach Dykes as the leader of our football program," Louisiana Tech athletic director Bruce Van De Velde said in a prepared statement. "The progress we have made under his and his staff's leadership has been exemplary and we look forward to continued progress in the near future. "

Information from ESPN college football reporter Joe Schad was used in this report.