On the eve of Colorado's 2024 season opener, Nike has announced an NIL deal with Shedeur Sanders.

Nike announced on Wednesday that Sanders signed a deal that includes officially licensed apparel and footwear.

Sanders has been cashing in with NIL deals throughout his college career. He owns the highest NIL valuation among all college athletes at $4.7 million, per On3.com.

No other athlete is at $4 million, with LSU gymnast Livvy Dunne in second place at $3.9 million. Texas quarterback Arch Manning has the second-highest NIL valuation among college football players at $3.1 million.

In addition to his new contract with Nike, Sanders already had deals with Gatorade, Google, Urban Outfitters and EA Sports. He also launched a new podcast titled 2Legendary on July 30.

Expectations are very high for Sanders going into his senior season. He had a terrific debut year for the Buffaloes in 2023 with 3,230 passing yards, 27 touchdowns and three interceptions in 11 games.

Colorado limped to the finish last year by losing eight of its final nine games after a 3-0 start. Head coach Deion Sanders continued to overhaul the roster with 43 incoming transfers.

The Buffaloes received just one vote in the Associated Press Top 25 preseason poll. They will open this season at home on Thursday against FCS powerhouse North Dakota State.

Sanders is expected to be one of the top picks in the 2025 NFL draft if he has another strong season. He could also play himself into the Heisman race if he plays well and Colorado challenges for a Big 12 championship in its first season back in the conference since 2010.