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

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. 

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.

"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."

"I'm excited for the opportunity to continue building something special here at Colorado," Sanders said in a statement released on Friday. "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."

Sanders also notably included a tongue-in-cheek comment at the end of the statement.

"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?"

Colorado was coming off a 1-11 season prior to Sanders' arrival in Boulder. He guided the Buffaloes to a 4-8 record in his first season at the helm. Coach Prime then oversaw a major offseason roster overhaul which helped Colorado improve to 9-3 in his second regular season on the sideline. The Buffaloes suffered a 36-14 loss in the Alamo Bowl this past December. 

This past season also marked the Buffaloes' return to the Big 12 Conference.

"Just a conversation about the team, and about where he is, and his boys, conversation with his boys, that type of conversation," Jones said.