Nick Saban was already the highest paid coach in college football. Now, he’s getting a significant raise, agreeing to a new contract extension with the University of Alabama. There were rumors of Saban leaving the Crimson Tide for the NFL or the University of Texas, but this deal keeps him firmly planted in Tuscalosa for the next 8 years.
“We are honored by the commitment the University of Alabama has made to us with this new contract.” Saban said in a UA news release. “It is certainly a mutual agreement in terms of our commitment to the University of Alabama. We will continue to work hard to keep our football program among the nation’s elite. My passion has always been to develop young men to their full potential as student-athletes. We’ve had great success in that area at Alabama and I’m appreciative of all the support and the resources we receive from the administration in order to make that happen.”
The 62-year-old Saban’s contract now runs through 2022, an extension of two-years on his current deal. He was making $5.5 million per year, but his new contract calls for the following.
– A $6.5 million annual salary, guaranteed; plus a $400,000 bonus at the end of each season he remains as head coach.
– Life insurance coverage increased from $5 million to $6 million.
— The Saban scholarship fund received a $100,000 contribution.
— No changes to his bonuses for wins, conference championships, and National Championships.
— If at any point in the contract, Saban’s salary is less than the average of the top 3 paid coaches in the NCAA, or less than the median of the top 5 paid coaches, he will get a raise to that amount, whichever is higher.
The motion to approve the new contract was passed unanimously by the Alabama board of trustees.
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