We could do as some have suggested, and "wait and see" how the next four games play out, but I'm puzzled by that approach.
What is the purpose of "wait and see", exactly?
Is it to make sure he's the right coach?
Is it to gather additional data — i.e., to find out how his team performs against top competition?
As for the first possible reason, I've already listed his accomplishments: he's winning at an historic level, the team has excellent academics, there is laudable and visible community involvement, etc. I really don't know how much more information you need in regards to the question of what we've found in P.J. Fleck.
If the need to "wait and see" it has more to do with finding out how the team stacks up against the likes of Penn State, Iowa and Wisconsin — well, then I'm curious about how the end game might play out.
If the team finishes, say, 2-2 — do you pay more, or less than you'd pay if you extended him right now? Or... do you "wait and see" for an even longer period of time?
If, on the other hand, the team goes 4-0, might you not end up having to pay more than if you extend him right now? That doesn't sound too smart to me. But then, I'm no expert on negotiating contracts.