BLACKSBURG -- Virginia Tech has given football defensive coordinator Bud Foster plenty of reason to stay on the job for another five years.

While nothing is officially signed yet, Foster said Monday night that he and the school have finalized a new deal that includes an annuity addendum to his current contract that will be paid only if he stays at Tech through the 2014 season.

Foster and Tech athletic director Jim Weaver said details of the annuity that was struck earlier Monday will be announced after the Hokies' Dec. 31 date with Tennessee in the Chick-fil-A Bowl in Atlanta.

The deal was put in motion after Foster had been the recipient of calls from two Southeastern Conference schools -- Georgia and Florida -- and ACC member Florida State concerning coordinator vacancies. Foster indicated that Georgia's Mark Richt was the only one of the three head coaches involved who had actually placed an offer on the table.

"I'm real proud that Tech came back and has given me a nice package that's going to keep me here," Foster said. "There's a little annuity package in it. It's something we talked about Saturday and it was finalized today."

Foster, 50, who came to Blacksburg with Tech coach Frank Beamer from Murray State in 1987, said there is nothing in the new deal about him being the Hokies' next head coach.

"The thing is here, Coach Beamer has been extremely good to me and I want to ride this thing out with him," said Foster, whose Tech defenses have ranked among the nation's best in his 15 seasons as coordinator. "We've been doing this for a long time together and there's no reason to stop now, let's go finish this thing. It's a good deal all the way around."

Foster is the Hokies' highest-paid assistant coach, making a base salary of approximately $402,000, plus various bonuses.

Weaver said he and Beamer started discussion of a enhanced deal for Foster last week while both were attending the National Football Foundation and College Football Hall of Fame ceremonies in New York.

"Things were heating up with Bud getting involved or getting calls from a couple schools in the SEC," Weaver said. "We just felt very strongly that if Bud's going to be a defensive coordinator, there's no need for him to be a defensive coordinator any place other than here at Virginia Tech."

When asked what would happen if, say, Cincinnati, called him soon and offered him its head-coaching vacancy, Foster grinned and said: "That would be hard to do right now, to be honest with you, unless they're going to come up with a lot of money. Obviously, if the right head-coaching job ... yeah, that would offset what this would do, but it would have to be the right job as a head coach. It's making it worth my while to stay, let me just say that."

Beamer told the players following Monday's practice that "we're going to keep Coach Foster around for a little longer."

"We just started clapping," junior cornerback Rashad Carmichael said. "If anybody is close to being irreplaceable for a program, it's got to be Coach Foster. I feel like he's as much of a Hokie as anything, as much a Hokie as the maroon and orange, so I couldn't even imagine him going anywhere or coaching anywhere else."