Sean Payton and the New Orleans Saints have agreed upon a five-year extension worth in excess of $45 million through 2020.

Payton, who has coached the Saints for 10 years, was already one of the NFL's highest-paid coaches at $8.5 million in his previous deal, which ran through 2017.

The Saints considered parting ways with Payton if there was a deal to be made with a strong enough compensation package, but nothing materialized. 

Payton said Wednesday that the contract extension became a "formality" after that point, but there was no rush to get it done. 

"There's so much of you in there, that I don't see myself working anywhere else," Payton said of his decade in New Orleans. "There's been really good stability and consistency at ownership. We just had dinner with Mr. B. last night, Mickey, and I think that doesn't guarantee anything, but it gives you a chance. It's been very functional.

"That stability, obviously, I don't take for granted."