A person with knowledge of the situation told The Associated Press the extension is worth $15.5 million over two seasons.
The Carolina Panthers only lost five games in the regular season after dropping twice that many past year.
Rivera's Panthers have a 64-47-1 (.576 winning percentage) regular season record. Of course, they also earned one trip to the Super Bowl where they were beat by Peyton Manning and the Denver Broncos following the 2015 season.
After Jerry Richardson announced his decision to sell the team, he named Tina Becker Chief Operating Officer to stabilize the business side of the organization. We've had consistency of winning and we've gone to the playoffs four out of five years.
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The 36-year-old explained: "My coach and team always said "only go to tournaments when you are prepared to go all the way". When Williams won last year's Australian Open she was already two months pregnant.
Carolina is 64-47-1 in regular season games under Rivera, whose.576 winning percentage is the best in team history and seventh-best in the National Football League over the last seven years.
Former coach John Fox, who Rivera replaced, may be the winningest coach in franchise history with 78 total wins but his team's only made the playoffs three times.
"This is a tremendous place with tremendous support from ownership and the people that work in the organization", Rivera said.
So Rivera will still have to impress the Panthers' next owner or else he'll be out, new contract or not.
Rivera was brought to Carolina for his defensive expertise, and the Panthers put together four consecutive top-10 finishes in yards allowed from 2012-15, joining Seattle as the only teams to do so.