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BOULDER — If approved, Deion Sanders’ five-year contract with the CU Buffs will feature some Prime incentives. And some Prime financial penalties if he seeks to terminate the proposed deal prematurely.
CU presented the former Jackson State football coach with an offer sheet that proposes a five-year contract worth $29.5 million before bonuses and incentives.
Sanders, 55, would be slated to earn $5.5 million in his first season, with a base pay of $500,000 supplemented by $1.75 million for radio, television and public appearances; another $1.75 million for promotion and fundraising; and another $1.5 million for “development of the student-athlete.”
That compensation would increase to $5.7 million in ’24, $5.9 million in ’25, $6.1 million in ’26 and $6.3 million in ‘27.
It’s the largest financial package ever given to a CU football coach, and athletic director Rick George admitted this past Sunday following Sanders’ introductory news conference that “we don’t have the money yet. But I know we’ll have it, so I’m not worried about that piece.”
Under the proposed agreement, Sanders would have a $5 million salary pool for his assistants and any support staff.
The penalties invoked should Sanders — a Florida native who currently lives in Texas — choose to end his tenure in Boulder before the end of the contract are fairly stiff. Sanders would owe CU $15 million in liquidated damages if he leaves the school after the first year of his deal.
Those damages drop to $10 million if it’s after his second year; $8 million after the third; and $5 million if after his fourth or final years.
If CU chooses to buy out Sanders’ contract prematurely, it would owe him 75% of the remaining base and supplemental salary left on the duration of the agreement.
Sanders’ other potential incentives would include:
• $750,000 if CU wins the national championship;
• $450,000 if CU is invited to a “New Year’s 6” bowl game;
• $150,000 if CU wins six games in a season;
• $150,000 if CU wins the Pac-12;
• $150,000 if CU is invited to a non-“New Year’s 6” bowl game;
• $150,000 if Sanders is named National Coach of the Year;
• $100,000 for each additional win after six games;
• $75,000 if CU plays in a Pac-12 Championship game;
• $75,000 if Sanders is named Pac-12 Coach of the Year;
• $50,000 each time CU attains a team APR of at least 965. In Year 1, that bonus is achieved if CU attains a team APR of at least 954.
Additionally, Sanders would receive a $20,000 payment for moving expenses.
The Pro Football Hall-of-Famer owes Jackson State roughly $300,000 for his contract buyout, according to the Jackson (Miss.) Clarion-Ledger. Sanders signed a four-year contract with the FCS school in 2020 worth a reported $1.2 million.
The offer letter was dated Dec. 1 and signed by chancellor Phil DiStefano and Sanders.
CU’s next regents’ meeting is tentatively slated for 9 a.m. Wednesday. A special meeting that had been earmarked for athletics this past Sunday was rescheduled.
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