Sean Payton has signed his 5-year contract extension with the Saints and will become the highest paid coach in the NFL at a reported $8 million per season.

The deal runs through the 2017 season.

Owner Tom Benson says he's "excited" it is a done deal.

"We have already begun preparations for the 2013 season and I look forward to getting Sean back into the building as soon as possible."

Payton, suspended for the 2012 season for his role in the bounty program, has been off the job since mid-April of last year and appears to be unlikely to return until the day after the Feb. 3 Super Bowl in New Orleans.

Since joining the franchise in January 2006, Payton has led the team to three NFC South division titles, two NFC Championships and a victory in Super Bowl XLIV.