Saban's new deal comes on the heels of several SEC coaches receiving new contracts. Auburn's Gus Malzahn recently agreed to a six-year extension that will pay him $3.85 million in the first year with a $250,000 raise each year after. And Ole Miss' Hugh Freeze just received an extension that raised his salary to $3 million per year.
Alabama quarterback AJ McCarron said Thursday that the coach told him he's staying in Tuscaloosa.
"I messed with Coach, [saying] he's getting too old to start up again somewhere else," McCarron said on ESPN's "College Football Daily" from Walt Disney World in Lake Buena Vista, Fla. "He told me he's not leaving. And I know Miss Terry [Saban's wife] well enough; she runs that house. And she's not allowing Coach to leave either. I think he'll be at the University of Alabama for a little while."
ESPN.com's Alex Scarborough contributed to this report.