According to Steve Berkowitz of USA Today, Saban received a $4 million signing bonus as part of the extension, which means he will earn $11.125 million this season.
Michael Casagrande of AL.com reported Saban's returning assistants also got raises, with the average coach being paid $666,111. The most prominent bump was outside linebackers coach Tosh Lupoi, who will now make $950,000 after making $550,000 last season.
Casagrande noted that Lupoi now makes more than Alabama athletics director Greg Byrne, who is on a $900,000 salary.
Provided Saban remains at the school for the rest of the contract, he will be the Crimson Tide's head coach for the next eight seasons.
Per RollTide.com, Saban said the following regarding his extension: "[My wife] Terry and I are pleased and happy to agree to the contract extension the University of Alabama has offered us, ensuring our time here in Tuscaloosa will continue for many more years. This has become our home and we are looking forward to finishing our career at Alabama. I want to thank President [Stuart] Bell, [Athletic Director] Greg Byrne, our athletic administration, football staff and the entire university community for all of their support, which has been instrumental in the success of our organization. We are extremely proud of the young men who have represented the Crimson Tide on the football field, and more importantly, what they have been able to accomplish in their lives off the field because of their involvement in our program."
The 65-year-old Saban is set to enter his 11th season as Alabama's head coach in 2017.
He boasts a record of 114-19 with the Crimson Tide, which includes four national championships and five SEC titles.
Saban is a four-time SEC Coach of the Year and one of only two coaches along with Bear Bryant to win an SEC championship with two different schools.