Sooo 21MM USD per anum?CP's on field performance certainly does not justify a top 5 salary (yet).
His measurable impacts to the university as a whole definitely do. Applications are way up. Admissions are up. Applications, admissions, and enrollment from minority communities are off the ****ing chart from what was formerly expected of lily white CU.
His intangible impacts beyond those things that can be measured are icing on the cake.
Ultimately, anyone who looks at his pay only in "what has his team accomplished on the football field?" terms is missing a meaningful part of the value he brings to campus. Those people will consequently undervalue both his contribution to the school, and how much the school should pay to keep him around (and happy).