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School spokesman Fred Demarest said Friday that the deal is worth $3 million annually over five years.
RELATED: Wolfpack coach Dave Doeren says 'heart is at NC State,' turns down Tennessee
The approval came a day after the school announced Doeren had agreed to the new deal.
Doeren is 33-30 in five seasons at N.C. State and his 56-34 career record includes two years at Northern Illinois. The Wolfpack (8-4, 6-2 Atlantic Coast Conference, No. 24 CFP) will play in their fourth consecutive bowl and will learn their destination and opponent on Sunday.