Clemson athletics and Nike have agreed to a 10-year contract extension.

Clemson athletic director Dan Radakovich announced Friday that the deal is worth $58 million.

By virtue of the extension, Clemson Tigers athletes will continue to don Nike apparel and equipment through 2028.

Clemson and Nike have been partners since 2002.

The new contract will increase yearly payments from $115,000 to $400,000, and Clemson's royalty rate climbed from 11 percent to 14 percent with regard to co-branded products.

The Clemson football team has experienced the most success in program history in recent years, as it has won 10 or more games in seven consecutive seasons under head coach Dabo Swinney.

Clemson has reached the College Football Playoff in each of the past three seasons, and it won the 2016 national title.

The Tigers will begin the season as the No. 2 team in the nation in the Amway Coaches Poll.

Additionally, the Clemson men's basketball team has returned to national relevance.

After missing the NCAA tournament for six straight seasons, the Tigers returned to March Madness last season and finished with a 25-10 record.

Clemson ranked as high as 11th in the AP poll last season, and it reached the Sweet 16 for the fourth time in school history.