Deion Sanders Gets New $54M Colorado Contract Through 2029 amid NFL Rumors

If NFL teams hope to hire Deion Sanders away from college in the near-future, they will have to pull him away from a lucrative new contract at Colorado.

Per Brian Howell of Buffzone, the Colorado board of regents approved a new five-year, $54 million contract for Sanders that will pay him at least $10 million in every season through 2029.

In the school's official release announcing the extension, Sanders said he's looking forward to "continue building something special" with the Buffaloes:

"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?"'

Per NFL Network's Matthew Bubar, Sanders' buyout starts at $12 million in 2025 before dropping all the way down to $3 million by the final season of the contract.

Sanders had a brief flirtation with the NFL in January when he discussed the Dallas Cowboys' head coaching vacancy with Jerry Jones.

In a statement to ESPN's Adam Schefter after talking to the Cowboys, Sanders downplayed any notion that he wanted to leave Colorado.

The Cowboys wound up hiring Brian Schottenheimer, who was their offensive coordinator for the past two seasons, as their head coach.

In a series of emails that involved Colorado president Todd Saliman, athletic director Rick George and the school's board of regents that were obtained by The Athletic's Christopher Kamrani, George wrote that keeping Sanders was "a big priority and pursuing excellence is important in all that we do."

Asked about his contract status during a March 17 press conference, Sanders said he wasn't worried abut himself right now.

"I don’t know," Sanders said. "Let’s get everybody else straight first. Then I’m good."

Colorado gave Sanders a five-year, $29.5 million contract when he was originally hired in December 2022. His new contract roughly doubles his average annual salary.

The $10.8 million average annual salary for Sanders is tied with Texas' Steve Sarkisian for fifth-most among all FBS head coaches. Georgia's Kirby Smart tops the list of highest-paid coaches with a $13.2 million average salary.

Sanders is 13-12 in his first two seasons at Colorado. The program's nine wins in 2024 were their most in a single season since 2016 (10-4).

The Buffaloes haven't had back-to-back winning seasons since 2004 and 2005.