Deion Sanders has been rewarded with a record-breaking contract after a transformational first two seasons as Colorado’s head football coach.

On Friday, CU athletic director Rick George announced a new five-year, $54 million contract for Sanders that will make him one of the highest-paid coaches in the country. The contract was unanimously approved by CU’s board of regents on Friday morning.

“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.”

The deal, which runs through the 2029 season, will pay Sanders, who was already the highest-paid coach in CU history, $10 million in base and supplemental salary in 2025 and 2026; $11 million in 2027 and 2028; and $12 million in 2029. There is also the potential to earn more through incentives.

Sanders, who is 13-12 in his two seasons at CU, joins an exclusive club of college football coaches making eight-figure salaries. His $10.8 million yearly average ties him with Texas’ Steve Sarkisian for the fifth-largest annual average, according to CBS Sports. Sanders is one of only nine coaches slated to make at least $10 million in 2025, led by Georgia’s Kirby Smart, who averages $13.2 million annually.

“I’m excited for the opportunity to continue building something special here at Colorado,” Sanders said in a press release. “We’ve just scratched the surface of what this program can be. It’s not just about football; it’s about developing young men who are ready to take on the world.

“I’m committed to bringing greatness to this university, on and off the field. We’ve got work to do, and I wouldn’t want to be anywhere else but here, making history with these incredible players and this passionate fan base. Lastly, anybody got at least a five bedroom home with acreage for sale?”

Sanders had three years and $18.3 million left on the original five-year, $29.5 million deal he signed after he was hired in December of 2022. That contract made him, by far, the highest-paid coach in CU history. This new contract replaces the old deal.

Incentives in the contract include $150,000 for reaching nine regular season wins and an additional $100,000 for more wins in the regular season, $150,000 if the Buffs get to the Big 12 title game and $150,000 for a non-College Football Playoff bowl game.

If CU wins the Big 12 title or gets to the CFP first round, there is a $400,000 bonus; if the Buffs win the Big 12 and get a first-round bye for the CFP, the bonus is $450,000. There are further bonuses if the Buffs advance in the CFP, including $250,000 for winning the national title.