The deal will keep Jones on the hilltop through the 2014 football season.
Jones, who is in his second season at SMU, has the Mustangs on the verge of their first bowl game since 1984 and in contention for the Conference USA championship. SMU is tied with Idaho for the biggest turnaround in the nation this season, improving its 2009 record by five wins over its 2008 results, and, with a win over Tulane in Saturday's regular season finale, would post its most wins in a single season since 1984.
"I have said since my arrival that we will win at SMU. Coach Jones has established a winning culture in our football program and we want to recognize and reward that," said Orsini. "This contract extension is a clear statement of our mutual commitment to building on the foundation he has helped establish."
"I'm very appreciative of this contract extension and am excited about the direction of the program," said Jones. "I want to thank Steve and President Turner for believing in what we're doing as a team and as a coaching staff. They have been tremendous in terms of their cooperation in rebuilding our program. Their support and the support of the SMU community as a whole have set the table for us to be successful for years to come."
Jones and the Mustangs host Tulane on Saturday, November 28.