Nick Saban is once again the highest-paid football coach at a public university.
Alabama's board of trustees approved a one-year extension and a raise for Saban during a meeting on Tuesday. The amended deal runs through February 2030 and will pay him an average of $11.7 million per year.
The raise edges Saban's annual compensation over that of Georgia coach Kirby Smart, who signed a new deal earlier in the offseason that will pay him an average of $11.2 million over 10 years.
"Our family is very happy to agree to a contract extension with The University of Alabama," Saban said in a statement Tuesday. "Terry (Saban's wife) and I are very appreciative of the unmatched commitment the University has shown to this football program and our family over the last 15-plus years. This is our home, and we look forward to finishing our career at Alabama."
"We are incredibly fortunate to have the best football coach in the nation and one of the greatest coaches of all time, regardless of sport, here at Alabama in Coach Saban," said Alabama Director of Athletics Greg Byrne. "Not only have his teams been successful on the field, but they have also achieved greatly in the classroom and community. Beyond that, the impact he and Ms. Terry have had on The University, Tuscaloosa and the state of Alabama cannot be overlooked. They are special people, and we are very thankful to have them around for many years to come. We are so proud of this program and the championship culture Coach Saban has instilled throughout."
Byrne also received an extension and raise on Tuesday. Byrne's updated deal runs through June 2029 and pays him an average of $1.7 million per year.
Saban, whose seven national championships are the most all time, would be 78 years old at the end of his updated contract.
The 70-year-old is coming off a season in which he won his 10th SEC title and appeared in the national championship game, losing to Georgia.
Saban's contract includes a provision in which he and the university can revisit annually "marketplace trends regarding head football coach compensation."
If Saban's total guaranteed compensation is less than the average of the top three highest-paid coaches in the SEC or less than the average of the five highest-paid coaches nationally, the university agrees to pay Saban the higher of the two averages.
Also included in the contract are postseason bonuses: $75,000 for appearing in the SEC championship game or $125,000 for winning it; $200,000 for appearing in a New Year's Six bowl game; $400,000 for appearing in a national championship semifinal game; $600,000 for appearing in a national championship game or $800,000 for winning it.
Alabama was voted the preseason favorite to win the SEC again this season. The Crimson Tide return Heisman Trophy-winning quarterback Bryce Young.
Alabama opens the season on Sept. 3 at home against Utah State.