Indiana on Thursday, Oct. 16 announced that football coach Curt Cignetti agreed to an eight-year extension. Here's what to know:

The college football coaching carousel has already begun after it was announced that the Penn State Nittany Lions were moving on from James Franklin. After a brutal three-game stretch, the Nittany Lions felt it was time for a fresh start in Happy Valley.

Five years ago, the thought of the head football coach of Indiana willingly turning down the Penn State job, one of the premier jobs in all of college football, would have been outrageous.

With Curt Cignetti mentioned as a possibility to fill coaching vacancies around the country, the Indiana coach agrees to new contract and salary.

Cignetti's extension makes him the third-highest paid coach in college football. Matt Rhule also poured cold water on his interest in Penn State's opening, calling Nebraska a "destination job."

At a reported $11.6 million annually through 2033, Curt Cignetti's deal pays him more than the coaches at most traditional powerhouses.

Indiana University secured head coach Curt Cignetti with a massive contract extension worth $11.6 million per season through 2033 after his program turnaround success.

Georgia's Kirby Smart, at $13 million annually, and Ohio State's Ryan Day, at $12.5 million, are reported to be the highest paid coaches in college football by average annual income. Cignetti's new deal puts him just ahead of USC's Lincoln Riley in the No. 3 spot.

Curt Cignetti probably eased fans' minds when he said he wanted to "retire a Hoosier." IU administration, including athletic director Scott Dolson, eased Cignetti's mind.