NORMAN, Okla. -- Oklahoma basketball coach Jeff Capel agreed to terms of a contract extension Thursday amid speculation that he would leave the Sooners to take a job closer to home at South Carolina.

The new deal would keep Capel, who took Oklahoma to the NCAA tournament in his second season at the helm, at the school through the 2013-2014 season.

Oklahoma athletic director Joe Castiglione said Capel's new contract calls for the coach to be paid $1.05 million per year plus incentives. In addition, the contract includes a stay bonus of $100,000 per year, payable at the conclusion of six years.