Colorado has made new football coach Deion Sanders the highest-paid coach in school history.
Sanders’ contract with Colorado is for five years and a total of $29.5 million, Brian Howell of the Boulder Daily Camera reported Sunday after Sanders' was formally introduced at the school.
As reported by Howell, Sanders' contract outlines that he’ll make 5.5 million in the first year, with raises of $200,000 every year.
The potential incentives include:
- $50k if the football team attains APR of 965. In the first contract year, he will earn this incentive if the team attains an APR above 954.
- $150K if the football team wins six games
- $100K for each additional win after six games
- $150K if the team is invited to a non-New Years 6 bowl game
- $200K if the team is invited to a New Years 6 bowl game
- $450k if the football team is invited to a College Football Playoff
- $750K if team wins the national championship
- $75K if the team plays in the Pac-12 championship game
- $150K if the team wins thePac-12
- $75k if Sanders is the Pac-12 Coach of the Year
- $150k if Sanders is named national coach of the year
Per Howell's report, If Sanders were to leave the program in the first year of the contract, he would owe a $15 million buyout, which drops to $10 million during the second year, $8 million during the third year and $5 million after three years. If Colorado fires Sanders without cause at any point, the university would owe him 75 percent of his remaining contract.
The salary pool for Sanders’ assistant coaches totals $5 million. The previous salary pool this past year was $4 million, which was also the highest ever for the program, per Howell.
Colorado has to finish paying off former coach Karl Dorrell’s $8.7 million buyout on top of Sanders' contract, once it's approved -- the regents rescheduled their meeting on CU athletics personnel Sunday morning.
Buffaloes athletic director Rick George had an interesting comment about how Colorado was funding all of that football money.
“We don't have the money yet, but I know we'll have it,” he said “So I'm not worried about that piece. The support that we got from our regents, our president and chancellor to be able to pay him what we think we need to pay him and his assistants to give him the kind of staffing needs, but then also, just before that, this is the time for us to put all the chips in the center and it's time for us to make a significant commitment.”
