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NC State basketball coaches Mark Gottfried and Wes Moore receive contract extensions through 2020

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Mark Konezny-USA TODAY Sports

The head coaches of both the NC State men's and women's basketball programs received contract extensions through 2020, the school announced Friday afternoon. Mark Gottfried's annual compensation will increase from $2.06 million to $2.48 million; women's head coach Wes Moore is also getting a raise, from $385,000 annually to $460,000.

Here's Debbie Yow's statement from the release:

"Mark and Wes continue to elevate our basketball programs at NC State," said Yow. "They are both building championship-level programs and are strong ambassadors for Wolfpack Nation who positively impact the experiences of our student-athletes on their respective squads."

Both coaches not only have had immediate impacts in terms of their teams' performance on the court, but they''ve also increased NC State's recruiting profile considerably. Moore just inked a 2016 class that ranks among the country's top 15 and is in great position to build on that success. Gottfried just landed the highest-rated prospect NC State's had since Julius Hodge, and may be on the verge of adding more elite players for 2016.

Here are some additional details on Gottfried's new contract: