Indiana University and adidas, Herzogenaurach, Germany, agreed to a $53.6 million apparel deal in what is reportedly the fifth most lucrative in all of college athletics.

The deal, an eight-year extension of the current agreement between the two entities, runs through 2024.

Under the terms of the agreement, adidas will pay $6.7 million a year to Indiana University Athletics, outfit all 24 of the school’s varsity sports teams, and provide alternate uniforms to the school’s football and men’s basketball teams.

adidas also will co-brand with Indiana University Athletics in social media, marketing campaigns and in-store promotions.

For more information, visit adidas.com. — J.B.