Colorado rewards Deion Sanders with contract extension, becomes one of college football's highest-paid coaches

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Deion Sanders will be coaching in Boulder for the foreseeable future.

Two years ago, Coach Prime brought an unprecedented level of attention to Colorado football. On Friday, the university announced that a five-year contract extension for Sanders had received approval from the Board of Regents. 

The five-year contract is worth $54 million, NFL Media reported.

The salary would make Sanders one of college football's highest-paid coaches and ties him to Colorado through the 2029 season.

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Colorado Buffaloes head coach Deion Sanders against the Arizona Wildcats at Arizona Stadium on Oct. 19, 2024.  (Mark J. Rebilas-Imagn Images)

According to the reported terms of the new deal, Coach Prime will earn $10 million in each of the first two seasons under the extension. He gets a $1 million salary bump for the third and fourth years. Sanders' compensation jumps to $12 million in the final year of the deal.

Rick George, the athletic director at Colorado, credited Sanders for restoring the school's football program.

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"Coach Prime has revolutionized college football and in doing so, has restored CU football to our rightful place as a national power," George said in a press release. "This extension not only recognizes Coach’s incredible accomplishments transforming our program on and off the field, it keeps him in Boulder to compete for conference and national championships in the years to come." 

Sanders expressed his excitement about the chance to continue "building something special."

Colorado Buffaloes head coach Deion