Deion Sanders signs reported 5-year, $54 million contract extension with Colorado

Deion Sanders has a new contract to stay with the Colorado Buffaloes, the school announced on Friday.

Sanders' contract, which was approved by the school's board of regents, is now a five-year, $54 million deal that will make him one of the highest-paid coaches in the country.

"Coach Prime has revolutionized college football and in doing so, has restored CU football to our rightful place as a national power," said Colorado athletic director Rick George in a statement. "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 will earn $10 million in 2025 and 2026; $11 million in 2027 and 2028; and $12 million in the final year of the seal, according to Brian Howell of Boulder Daily Camera.

This story will be updated.