The agreement replaces the current four-year contract and will keep Olson with the Chippewas through the 2016 season.
"Erik has been building momentum in the volleyball program for several years," said Director of Athletics Dave Heeke. "Following the MAC Tournament championship and qualifying for the NCAA Tournament this past season, it is important we build on this positive success. I am pleased that Erik will be leading our volleyball program for the next five years and further developing this championship caliber program."
"I am very grateful to Dave Heeke and our athletic administration in trusting my leadership of the CMU volleyball program through the 2016 season," said Olson. "We look forward to further building the program and its national status, which must happen playing in the seventh-ranked conference in the country."
Olson and the Chippewas advanced to the MAC Tournament championship match for the first time since 1982. The Maroon and Gold became the lowest seed to win the championship, defeating the top three seeds to claim the title. The Chippewas also earned a bid to the program's first postseason NCAA appearance. During the 2011 season, CMU defeated five teams with a higher RPI, including its highest in program history, No. 16 Northern Illinois.
During his tenure, Olson has recruited five top-100 recruiting classes, while having nine student-athletes named Academic All-MAC. He has also coached the MAC Player of the Year, 14 all-conference picks and three MAC All-Freshman Team selections. In 2008 Olson was named MAC Coach of the Year.
"It's great to be a Chippewa and part of this community," commented Olson. "My wife and I are very pleased to raise our family in Mount Pleasant."
Olson's new base salary will be $85,000 per year. He will also be compensated other bonuses based on the team's performance.