"Modern Family" fans will get more years to enjoy the Pritchett and Dunphy clan as ABC renewed this long-time running comedy for two years. This renewal signals for long negotiations with the show's cast members whose contract are about to expire at the end of the eight season.

This 20Th Century Fox Television comedy is scheduled to air its season 8 finale on May 17. Most of the sources from Variety reveal that its cast member will see their paychecks increase to nearly $500,000 per episode for the next two seasons to come. Such a huge figure! Meanwhile, Ed O'Neil, who has been part of the show since the series premiere, will have a higher fee.

'Modern Family' is ABC's most prized asset

This long-time running comedy series has been the centerpiece of comedy brand for eight long seasons. Hence, its renewal for two more years is just an understatement. Channing Dungey, the ABC Entertainment President, revealed that they are very thankful and thrilled for having the series on their schedule for the next two years.

He also credited the success of the series to the executive producers, Steve and Chris. Apparently, the two have created endearing characters and have selected cast members that are second to none. Meanwhile, Jonnie Davis and Howard Kurtzman, presidents of 20th Century Fox Television, revealed that they are grateful to ABC for having this two-year renewal.

They added that they have been proud to be the studio behind such successful TV show.

Cast members to expect paycheck increase

Being the studio's most prized asset, it is expected for the series cast members to experience a good price for their paychecks.

For the next two seasons, an amount of $500,000 is expected to rise from their $350,000 of their old contract. Some stars are also expected to gain high-profit participation since some of them also have high profiles.

On the other hand, five actors only gained small profit participation from the show's previous contract. However, it is believed that they will have to gain more this time around.

The official cast members include Sofia Vergara, Julie Bowen, Jessie Tyler Ferguson, Eric Stonestreet, and Ty Burrell.

Furthermore, some deals are right now under negotiations for certain young stars to join the show. Sarah Hyland, Ariel Winter, Rico Rodriguez, Noland Gould, and Aubrey Anderson-Emmons are expected to get a higher paycheck than their parents.