Deion Sanders could not open the door to the press conference on Saturday night after his Jackson State football team defeated Southern 43-24 to win the SWAC title for their second consecutive championship at Veterans Memorial Stadium.
Sanders met with his JSU football team to tell them he was taking another job, to become head football coach at the University of Colorado. According to the Denver Post, Sanders was presented with an offer sheet Monday that will pay him and his assistant coaches well. The contract is more extensive than the one he signed with Jackson State. Outside of the $300,000, Sanders owes for his buyout to JSU. On Monday, Sanders signed a $29.5 million contract for five years before bonuses and incentives. Here is a breakdown of the rest of his contract.
The contract has Sanders scheduled 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. According to the Denver Post, it is the largest financial package ever given to a CU football coach, and athletic director Rick George admitted on Sunday. George admitted that CU does not have the money to pay Sanders yet.
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Under the proposed agreement, Sanders would have a $5 million salary pool for his assistants and any support staff. The penalties are stiff should Sanders leave before the end of his contract. He would owe CU$ 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 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 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 one 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.
Jackson State plays North Carolina Central in the Cricket Celebration Bowl at noon on Dec. 17.