First announced back in December - and broken by Kirk Herbsteit, of all people - Nick Saban's mammoth new contract was finally approved Tuesday by the University of Alabama's board of regents.
The new contract will pay Saban $6.5 million a year, plus a $400,000 completion bonus, through January 2022. At $6.9 million a year before incentives, Saban will easily rank as the wealthiest coach in college football. One odd note, though: we haven't seen any information about Saban's salary escalating over any of the seven years of his deal. Perhaps Alabama figures paying Saban more than $55 million through 2022 (plus bonuses) is enough.
Additionally, Alabama has approved a three-year contract for new offensive coordinator Lane Kiffin that will pay him $680,000 in 2014-15 and $714,000 in 2016.
Here is a chart of what all 14 SEC head coaches will earn in 2014 (courtesy SDS):