The contract runs through March 31, 2019, and will pay Miles $1.4 million in its first year.
"We are pleased to have Tim Miles' contract finalized and signed," Nebraska Athletic Director Tom Osborne said. "When we hired Tim we felt he was the right fit for our basketball program, and we wanted to make a long-term commitment to him and his staff. When you combine this contract with the improvements we have made in facilities, it should be clear that we have a strong commitment to men's basketball.
"Tim had a good situation at Colorado State, with an excellent team returning, and the administration there made a strong push to keep him. He probably could have finished his career at Colorado State, but I think he recognized the potential to build a strong program at Nebraska. Tim has already built momentum in our program in the short time he has been here."
Miles was hired to lead the Nebraska basketball program on March 24. He came to Lincoln after five seasons as the head coach at Colorado State. In 2011-12, Miles led the Rams to 20 wins and their first NCAA Tournament appearance in nine seasons. Miles has 17 seasons overall of collegiate head coaching experience.