Alabama coach Nick Saban, who has won five of the past nine national championships, has reached a new agreement that will extend his deal to coach the Crimson Tide through the 2025 season and pay him $8.3 million for the 2018 season, it was announced Friday.
The new agreement, which is subject to approval by the university's board of trustees, will extend his current contract by one season to eight years, and keep him in charge of the Crimson Tide football program through February 28, 2026.
The deal is worth at least $74.4 million and would boost Saban's average annual pay to $9.3 million if he sticks around for the duration of the contract, which would again make the 66-year-old Saban the highest-paid coach in college football.
Ohio State's Urban Meyer, who is set to make at least $7.6 million this season, is No. 2 on that list with an average annual salary of $8.49 million.
"Our family is thrilled to agree to a contract extension with The University of Alabama that will keep us in Tuscaloosa for the rest of our coaching career," Saban said in a statement released by the university. "For Terry and me, the Tuscaloosa community and the state of Alabama have become home, and a place with deep roots for our entire family.
"We are very excited about the future, and this agreement allows us to continue to build on the success we have enjoyed at Alabama -- both on and off the football field."
The base salary and talent fee will rise to $7.5 million and increase $400,000 annually. There will also be a contract extension/championship signing incentive of $800,000 in 2018 and a contract completion benefit of $800,000 payable at the end of the 2019, 2020 and 2021 seasons.
Saban is entering his 12th season at Alabama, where he has a 127-20 record and has won five SEC championships. His 125 wins over the past decade are the most for any FBS school during a 10-year span in the Associated Press poll era (since 1936).
He had received an eight-year deal worth at least $65 million in May 2017. The new deal would put him up to $10.3 million in the final year of the contract.
"We are so fortunate to have the best football coach in the country here at Alabama in Coach Saban, and we are very pleased that he has agreed to another contract extension," athletic director Greg Byrne said in a statement. "What this program has accomplished under him over the past decade is truly remarkable, and it goes well beyond the five national championships."
During Saban's tenure, the Crimson Tide have had 37 players win 42 first-team All-America honors and 77 players have gone on to be selected in the NFL draft, including 26 first-round picks.
"I've said this before, but the most satisfying part of our job is seeing the young men that represent our program grow and develop, not only in football, but more importantly in what they have been able to accomplish in their lives because of their involvement in our program," Saban said in the statement.
The Associated Press contributed to this report.