Boulder got its newest star over the weekend when news broke that Deion Sanders inked terms to coach Colorado going forward.
The Buffaloes, fresh off a 1-11 season, had to pay top dollar to secure the services of one of college football’s most talked-about personalities.
Yet much of that cheddar isn’t actually in Colorado’s coffers, at least according to Buffaloes athletic director Rick George.
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Here’s what you need to know about the terms behind Sanders’ mega-deal with Colorado, a contract so large that it hasn’t actually been ratified yet.
Deion Sanders contract details with Colorado
Sanders will be making a pretty penny in Boulder, penning a five-year, $29.5 million deal with the Buffs. At an average annual value (AAV) of $5.9 million, Sanders thrust himself into the upper echelons of paydays among college coaches.
That came at a cost, though. Colorado doesn’t actually have the dough needed to pay Sanders in full, per George. But it will.
“We don’t have the money yet, but I know we’ll have it so I’m not worried about that piece,” George said.
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Sanders will net $5.5 million in the first year of his deal. He’ll earn a $200,000 raise for every year after that.
By comparison, the Buffs’ previous head coach, Karl Dorrell, earned $3.6 million this year. That figure represented the biggest contract a Colorado coach had ever been given.
It’s also a massive raise for Sanders, who was on a four-year, $1.2 million deal at Jackson State.
According to the Denver Post, Sanders will owe Colorado $15 million if he leaves after one season, $10 million after the season season, $8 million after the third season, and $5 million after either of the final two years of the deal.
Why is Deion Sanders’ contract still pending approval?
The gaudy value of Sanders’ deal has put the Buffaloes in a bit of a bind, with the Buffs not having enough in the bank to cover Sanders’ full $5.9 million annual salary.
Given George’s comments, though, it appears Colorado has some mechanism in place to make the money work. The school has a Board of Regents meeting scheduled for Wednesday morning, where the new coach’s contract presumably will be a prime topic of discussion.
Deion Sanders net worth
Deion Sanders has a net worth of about $45 million, according to Celebrity Net Worth.
While Sanders made tens of millions during his NFL and MLB playing careers, he also has had a lucrative endorsement career that began while he was active and has continued in retirement.
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