Jones expressed resounding confidence in Phillips, saying he is a better coach than when he came to the team three seasons ago and that he viewed the extension as the last two years on a five-year agreement.
Financial terms of the deal were not disclosed. Jones said a lot about Phillips' compensation without divulging a dollar amount.
"Anything you hear, either in-house or not, is wrong. Unless it comes from me," said Jones. "My comment about the financial aspect of it is that, in terms of dollars, it's serious dollars. Is he being overpaid? Not one penny. Is he being underpaid? Probably, for what I think he is. The bottom line is we've got something here that works."
When asked why he offered Phillips a two-year extension and not a three-year, Jones essentially said contacts are worthless and if performance isn't met there are always ways out of them and that personnel in the NFL know that. We've all seen that before with players and coaches being let go after a season of poor performance.
Jones added that security in the job and financial security aren't what drives his head coach -- it's winning a Super Bowl.
"Lets quit b-s'ing each other, none of us know about next year. I think if anything, one of the most impressive things, that wade demonstrated to our players and our fans is just how strong he is," said Jones, in reference to the ambiguity of coaching the team without knowing if his contract would be picked up.
Jones acknowledged Phillips' relationship with the team as an important factor in the decision.
"When Wade speaks, they listen. That's important. They listen with respect and they know he can get them out of the valley of danger ... and helping us win as a team," said Jones.
Jones said the rest of the coaching staff is expected to be retained and all will be offered extensions.
Both Phillips and Jones professed some changes are coming to the team, to insure that they can and will go further into the playoffs in the coming years.
"We're not discouraged by the playoff loss, but we are disappointed," said Phillips. "Our goal is to win the World Championship and that's what I'm going to try to do here. I think we have the team that can do that."
The pair were asked about wide receiver Roy Williams and what may become of him. Both Jones and Phillips expressed continued confidence in Williams and his desire to get better.
"I think you look at his talent, his potential, his contract and that combination of things ... how he came early, stayed late, tried to improve ... all of those things are a major consideration," Jones said. "You look at that ... do you compromise your football team? No. I think we've got a player that has the will."
When Phillips finishes his five-year tenure, he will be tied for the longest-tenured coach since Jones owned the team.
"We may be sitting here with a guy who has been here as long as Landry," Jones said.