matt-rhule.jpg
Getty Images

Matt Rhule has agreed to a two-year contract extension with Nebraska that takes his contract with the Cornhuskers through 2032, sources confirmed to CBS Sports' Matt Zenitz and Richard Johnson. Nebraska announced the extension on Thursday afternoon with a video simply titled, "Home." 

Rhule was expected to be one of the leading candidates for the Penn State job -- he played linebacker for the Nittany Lions from 1994-1997 -- but instead he joins Indiana's Curt Cignetti in inking an extension that will take him out of the running for the vacancy in State College. Rhule's new contract reportedly does not add a pay bump, but adds two years to his deal and includes a $15 million buyout on his end if he were to leave prior to the 2026 season, which effectively takes him off of the market for Penn State or any other open jobs. 

What Rhule's extension means for Nebraska

Nebraska is 18-15 overall since Matt Rhule arrived in Lincoln, but as has been the case at every stop in his career, the Huskers are taking a clear step forward in Year 3. Nebraska is 6-2 this season and has already matched its Big Ten win total from each of the last three years with three conference victories.

The Huskers still have progress to make before reaching their ultimate goal. Rhule has said he wants to return Nebraska to its rightful place among college football's elite, but both he and the program still need to prove they can win at the highest level. Nebraska will look for its first win over a ranked opponent under Rhule on Saturday when it hosts No. 23 USC. Rhule is 2-23 in his career against top-25 teams, with his last such win coming in his final game at Temple in 2016. He went 0-17 against ranked opponents during his time at Baylor.

Still, for a program that has spent the past decade searching for stability and direction since firing Bo Pelini in 2014, Rhule's tenure has shown promise. His new contract extension provides the continuity Nebraska has long lacked -- and for Rhule, it represents a chance to finally build something lasting. He spent four years at Temple, three at Baylor and just over two in the NFL with the Carolina Panthers. If he remains in Lincoln beyond 2026, it will mark the first time in his career that he's led a program long-term.

What Rhule's extension means for Penn State

When Penn State fired James Franklin, the two names most closely linked to the job were Matt Rhule and Curt Cignetti. Both are now off the market after signing new extensions, leaving the Nittany Lions facing real uncertainty in their upcoming coaching search.

Texas A&M coach Mike Elko now emerges as the top target. But with the Aggies sitting undefeated and ranked No. 3 nationally, prying Elko out of College Station won't be easy. Barring a late collapse, Texas A&M would almost certainly try to match or exceed any Penn State offer with an extension. While Elko does have ties to Pennsylvania -- he played safety at Penn from 1995 to 1998 -- Penn State would need to make a convincing case that its job is a better one than Texas A&M's.

If Penn State can't land Elko, things could get interesting. Vanderbilt's Clark Lea is a rising name for what he's accomplished in Nashville, though the optics of hiring another Vanderbilt coach immediately after Franklin could give the Nittany Lions pause. Lea would also have to weigh whether leaving his alma mater is worth it.

Iowa State's Matt Campbell has been connected to nearly every Big Ten opening in recent years and could resurface as an option. Manny Diaz has Penn State ties, but Duke's struggles this season have cooled his stock. Jeff Brohm's success at Louisville makes him another potential candidate, though like Lea, he'd have to consider whether Penn State is worth leaving his alma mater for.

Complicating matters further is the broader coaching carousel. LSU and Florida are already in the market for new head coaches, and several other major programs could join them once the season ends — creating even more competition for the top candidates on Penn State's list.