MONTGOMERY, Ala. (AP) — Alabama coach Nick Saban is a mere bonus or two from knocking down another salary barrier and becoming the $7 million man.
A unanimous vote by the Alabama system trustees' compensation committee Tuesday made Saban's new 8-year, $55.2 million deal official nearly six months after the university announced the agreement.
The 62-year-old Saban will make $6.5 million in base pay and what the university describes as a "talent fee" plus a $400,000 completion bonus for each year and other incentives.
It's a seven-figure raise over the eight-year contract worth about $5.6 million annually he received in March 2012. New offensive coordinator Lane Kiffin will make $2.074 million over three years.
Alabama athletic director Bill Battle said that Saban, often rumored for other college and NFL jobs, will "be our head football coach for many years to come."
"He is the best coach in the country and he's brought Alabama back to the pinnacle of college football," Battle said in a statement released by the university. "His success on the field is obviously second to none, but Coach Saban's influence on academics and all the other areas of our athletic programs are equally impressive to me."
Saban won't owe a buyout if he leaves for another head coaching job. His life insurance policy was upped from $5 million to $6 million and a $100,000 contribution will be made to his scholarship fund.
Saban is one of four coaches in The Associated Press poll era to win four national titles, joining Alabama's Bear Bryant, Southern California's John McKay and Notre Dame's Frank Leahy.
"We are honored by the commitment the University of Alabama has made to us with this new contract," Saban said in the prepared 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."