Coach Phil Jackson has decided to sign a contract extension that keeps him with the Lakers for two more seasons.

Jackson met Wednesday with Jerry Buss and informed the Lakers' owner of his decision.

Jackson, 62, will get a modest raise from the three-year, $30-million contract he signed in June 2005, which was the richest per-annum coaching deal in U.S. pro sports history. Jackson is expected to make $11 million or $12 million a season in his new deal.

"Everyone connected with Phil is pleased with his decision, something that only he could make after considering all aspects of what it means to be a head coach," said Jackson's agent Todd Musburger. "Obviously, he's up for it. There is a spring in his step."