Deion Sanders agrees to terms on contract with Colorado Buffaloes to become head football coach

NFL legend, Hall of Famer and successful coach, Deion "Primetime" Sanders, officially agreed to terms Saturday with the Colorado Buffaloes to become their next head coach. Sanders becomes the institution's 28th full-time head coach. 

"In coaching, you either get elevated or get terminated. Ain't no other way," Sanders said, addressing his team following the SWAC Championship. "I've chosen to accept the job elsewhere next year. I'm going to finish what we started, we going to dominate. I'm going to be here until that end and that conclusion."

Early Saturday, the University of Colorado Board of Regents appeared to be closing in on a contract for Sanders to become the new head football coach after the nine-member board scheduled an unusual 10 a.m. executive session for Sunday, followed by an 11 a.m. public meeting.

CBS News Colorado reporter Justin Adams reported Friday that the University of Colorado planned to offer Sanders worth more than $5 million to come to Boulder with a bevy of incentives that, if reached, could significantly elevate his annual salary, which could be lucrative to the coach in the future.  

Sources told CBS News Colorado, the Board of Regents approved making a multi-year offer to Sanders. Earlier this week, Sanders confirmed he had received an offer from CU, but he did not disclose the details.   

According to the CBS News Colorado sources, if Sanders achieved nearly a dozen contractual benchmarks, his annual pay would increase by roughly 40%.

The University of Colorado's athletic director, Rick George issued a statement Saturday night on Sanders and the Buffaloes agreeing to terms saying:

"There were a number of highly qualified and impressive candidates interested in becoming the next head football coach at Colorado, but none of them had the pedigree, the knowledge and the ability to connect with student-athletes like Deion Sanders. Not only will Coach Prime energize our fanbase, I'm confident that he will lead our program back to national prominence while leading a team of high quality and high character."  

He was recently voted the SWAC's Coach of the Year for a second straight season, with 12 of his players earning some level of All-SWAC honors.  

Following the hire, many CU fans expressed their excitement after Sanders made the announcement, and are hoping to see immediate improvement once Coach Prime steps foot on campus. 

Sanders was introduced officially as the Buffaloes head coach, while addressing the media about the decision to accept the position. An abundance of fans stood out front cheering for their new coach as he arrived in Boulder this morning. 

His first game for the Buffaloes is set for Sept. 2 against the TCU Horned Frogs next year.