The Bulldogs won a school-record 27 games and finished as high as 12th in the nation this season.
Completing his third year at MSU, Schaefer was named Southeastern Conference Coach of the Year and was named one of 10 semifinalists for Naismith National Coach of the Year Award after leading the Bulldogs to a 27-7 record (11-5 SEC) and into the second round of the NCAA tournament.
His new, four-year contract pays Schaefer $625,000 in 2015-16 and averages $662,500 annually, not including incentives.
“Vic does a phenomenal job overseeing every aspect of Mississippi State’s women’s basketball program,” Stricklin said. “His ability to teach, mentor and recruit is special. And he has engaged the Bulldog Family in a manner that has produced heightened interest and record-setting attendance for women’s basketball.
“We are so proud to have Vic Schaefer at Mississippi State, and look forward seeing our women’s basketball program continue to compete at the highest level under his leadership.”