The Colorado Buffaloes signed football coach Deion Sanders to a five-year, $54 million contract extension, Sanders confirmed Friday.

Deion Sanders coached Colorado to a 9-3 regular season record in his second year in Boulder. On Friday, he said he was grateful for the university's continued belief in him.

The highest-paid college football coach is Georgia's Kirby Smart, who makes an average of $13.2 million, per Spotrac. Smart signed a reported 10-year, $130 million deal with the Bulldogs in May 2024. With Smart leading the way, here's a look at the top five highest-paid college football coaches based on average annual salary, via Spotrac:

Jeremy Fowler explains why Deion Sanders is a great fit at Colorado after the coach signed his $54 million contract extension.

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.

Deion Sanders' new contract with Colorado moves him into rare air among the highest-paid college football coaches.

Colorado Buffaloes fans from all over came flocking to social media to celebrate Deion Sanders record-breaking contract extension.

Colorado and coach Deion Sanders have agreed on a contract extension through the 2029 season that put Sanders into the $10 million club as one of the 10 highest-paid coaches in college football. The five-year deal worth $54 million total will put Sanders at $10 million for 2025-26,

But college and NFL fans may be more interested in a different number listed in Sanders' new contract: what it would cost for Sanders to leave the Big 12 program. Throughout Sanders' stint with the Buffs — and Jackson State before then — there's always been a lingering question of whether or not bigger name brands would come calling for him.