Colorado coach Deion Sanders has earned a five-year, $54 million contract extension that runs through the 2029 season, making him one of the highest-paid coaches in the country, according to a copy of the contract obtained by ESPN on Friday.

Sanders' base salary will increase to $10 million in 2025, making him the highest-paid football coach in the Big 12 and among the top-10 highest-paid football coaches in the country. According to the contract, Sanders will earn another $10 million in 2026, $11 million in 2027, $11 million in 2028 and $12 million in 2029.

If Sanders accepts another coaching job before the end of the contract, his buyout starts at $12 million for the rest of 2025, followed by $10 million in 2026, $6 million in 2027, $4 million in 2028 and $3 million in 2029. He can retire from coaching, though, without having to pay damages to the university -- as long as he doesn't then return to coach somewhere else.

Sanders, who inherited a program that went 1-11 in 2022, has led the Buffaloes to 13 wins, including nine last season and a bowl berth. According to Colorado, which announced Sanders' extension Friday, the football program has been one of the most-watched teams in sports with over 54 million viewers in the 2024 season. That includes 8 million viewers who watched Colorado lose 36-14 to BYU in the Alamo Bowl, the highest viewership in the 32-year history of the event.

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

The university cited Sanders' impact on the school and its community, noting that applications have increased 20% from a year ago to over 67,000, including an 18% increase in applications from out of state. According to the school, applications from prospective students who identify as Black/African American increased 50.5%, and applications from prospective students who identify as non-white increased 29.3%.

Colorado sold out all but two home games last fall, marking the first time the Buffaloes have sold out four or more games in back-to-back seasons since 1995-96. Last season, home football games generated a combined $93.9 million in direct economic impact to the city of Boulder and $146.5 million in total regional economic impact, according to the university.

"Coach Prime has revolutionized college football and in doing so, has restored CU football to our rightful place as a national power," Colorado athletic director Rick George said 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 and Colorado also agreed to meet and "confer in good faith at the conclusion of the 2027 season to discuss any potential extension of this Agreement."