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Colorado Admits It Doesn't Have Deion Sanders' Money - Yet

Jackson State football coach Deion Sanders speaks onstage during The Big Homecoming Event at Clark Atlanta University.

ATLANTA, GEORGIA - JUNE 17: Deion Sanders, Jackson State University Head Football coach, speaks onstage during The Big Homecoming Event at Clark Atlanta University on June 17, 2022 in Atlanta, Georgia. (Photo by Paras Griffin/Getty Images)

Deion Sanders got a hefty contract from Colorado over the weekend but the school doesn't have that money...at least not right now.

Sanders agreed to a five-year $29.5 million deal with Colorado to be the school's new head football coach on Saturday. He'll be making $5.9 million per season, which is a $2.3 million increase from what the school gave former head coach Karl Dorrell.

Even though he signed that contract, Colorado Athletic Director Rick George said that the school doesn't have all of the cash available right now but that it will in the future. '

"We don't have the money yet, but I know we'll have it. I'm not worried about that piece," George said.

As long as Sanders gets his checks on time, he likely won't be concerned about this. 

His task will be to get this program turned around since Colorado has finished below .500 in four of its last five seasons.