Deion Sanders isn't going anywhere.
Colorado and the Buffs' head coach announced a new contract extension that will keep Sanders in Boulder through the 2029 season. The revised deal, which was unanimously approved by the University of Colorado Board of Regents on Friday, will make Sanders one of the highest-paid coaches in college football.
"Coach Prime has revolutionized college football and in doing so, has restored CU football to our rightful place as a national power," CU athletic director Rick George said in a press release Friday. "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."
When combining his base and supplemental salary, Sanders will earn $10 million in 2025 and 2026 before that goes up by another $1 million in the third year of the deal in 2027 and again goes up by another $1 million in the final year of the contract.
Sanders could earn even more money thanks to incentives added to the contract. That includes, among other things, an additional $150,000 should the Buffs win nine games and up to an additional $450,000 if CU lands a by in the second round of the College Football Playoff and wins the Big 12 in a given season.
"I'm excited for the opportunity to continue building something special here at Colorado," said Coach Prime. "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?"
The deal makes Sanders the highest-paid coach in the Big 12. Only six other coaches make a base salary of at least $10 million according to the USA Today database.
Sanders has guided a fast turnaround of the program at CU taking the Buffs from a team that won one game in 2022 to competing for the Big 12 title and reaching nine victories last season.
It sparked plenty of rumors that Sanders could be leaving for other opportunities, particularly in the NFL.
In addition to on-field success, Sanders has also brought a national spotlight on Boulder, which hosted several weekly pregame shows and events throughout his two years leading the program.
"CU Boulder is one of the most innovative campuses in the country, so it's only natural and appropriate that we have the most innovative coach as well," said CU chancellor Justin Schwartz. "Coach Prime has done a masterful job transforming CU Boulder's football program into the must-watch matchup nationwide, week after week, and I'm excited to see what the team will accomplish under his leadership in the next five years.
"He is also committed to a program with the highest level of integrity that emphasizes our student-athletes' academic performance and helps them achieve their post-football career goals. Thank you to the University of Colorado Board of Regents, President Todd Saliman, and Athletic Director Rick George for their leadership on what is a great day for CU."
Should Sanders terminate his contract early, he would owe CU $12 million in the first year of his new deal and that would decrease over the life of the agreement before reaching $3 million in the final year.
Should the Buffs decide to move on from Sanders at any point, then the school would owe Sanders 75% of the base and supplemental salary remaining on the deal at that time.
Colorado has gone 13-12 in two seasons under Sanders and enters Year 3 with a reworked roster and coaching staff following a 9-4 campaign in the fall. The Buffs are expected to have multiple selections in the upcoming NFL draft highlighted by Heisman Trophy winner Travis Hunter and quarterback Shedeur Sanders.
