Mike Riley has a five-year contract at Nebraska paying him $2.7 million a year.

The terms were announced Friday before Riley was introduced at a news conference at Memorial Stadium. Nebraska hired the 61-year-old Riley away from Oregon State on Thursday.

Riley will receive automatic $100,000 increases in each of the five years of a contract that runs through Feb. 28, 2020. Riley had been the lowest-paid coach in the Pac-12, making a reported $1.5 million this year.

Former Nebraska coach Bo Pelini was paid $3.1 million this year.

Riley was 93-80, with wins in six of eight bowl games during two stints totaling 14 years at Oregon State. The Beavers were 5-7 this season.