SCOTTSDALE, AZ – JANUARY 10: Head coach Nick Saban of the Alabama Crimson Tide addresses the media during the Head Coach Press Conference for the College Football Playoff National Championship at JW Marriott Scottsdale Camelback Inn on January 10, 2016 in Scottsdale, Arizona. (Photo by Jennifer Stewart/Getty Images)

TUSCALOOSA, AL – Alabama offered head football coach Nick Saban a three-year contract extension and a $4 million signing bonus that would keep him with the university through 2024 and bump his salary to $11.1 million, but the five-time national champion says he has turned the offer down.

“First of all, I failed to coach this team to a national title last season despite entering the championship game undefeated and having a 10-point fourth quarter lead,” Saban told reporters today. “If I accept some big raise after that, what kind of message am I sending my players? While I appreciate the generous offer, no way could I take it after a failed season. No way.”

In addition to refusing a raise, Saban also announced today that he will be turning down the bulk of his existing $8 million annual paycheck.

“I preach to these kids every day, every damn day, that excellence is its own reward,” said the legendary leader. “It’s not about crowds or girls or being on ESPN. It’s about being proud about the effort you put in and how it helped the guys next to you. That’s what responsibility is. That’s what being a man is. I can’t tell these young men all that and then pocket tens of millions of dollars on the side. Not if I want to sleep at night. Sorry.”

Saban also said that he can’t fathom what to do with $8 million dollars every year.

“I’m a simple man,” he said. “Plus, I live in central Alabama. I can live like a king here on 45-grand a year. Let’s be real.”

Also see … Mississippi legislator proposes Confederate flag be replaced with SEC conference flag