The Carolina Panthers hired Matt Rhule as head coach on Tuesday, signing the former Baylor coach to a seven-year deal, according to ESPN's Adam Schefter.

Schefter reports Rhule's deal is worth $60 million with incentives that could push it to $70 million.

Rhule has coached Baylor University the past three years. The team finished seventh in the College Football Playoff rankings this past season before losing to fifth-ranked Georgia in the Sugar Bowl. Rhule was voted the Chuck Neinas Coach of the Year by his peers this past season.

Prior to his time with Baylor, Rhule was head coach at Temple University. Rhule coached in the NFL with the Giants under Tom Coughlin for a season.