Hot on the heels of the news of Alastair Reynolds' payday is the news that Brandon Sanderson's new four-book contract with Tor Books may be in the region of an eye-watering $2.5 million. The contract covers the first four volumes of Sanderson's Way of Kings series (which he estimates may reach ten volumes) and is apparently separate from his recent deals for the final three Wheel of Time books.
I can't find a secondary source confirming that news, but if true that is really impressive going, and a strong sign of Tor's faith in him after the release of just four books (the fifth, Warbreaker, came out last week).
Sanderson has a busy schedule ahead, with The Gathering Storm due at the end of this year, his next Alcatraz book also due in October, followed by the next Wheel of Time book and the first Way of Kings novel due at the end of 2010.
EDIT: Ah, the deal isn't for $2.5 million but when all bonuses and secondary rights sales are taken into account, it could actually exceed that amount. The per-book advances are still significant six-figure sums though. Congratulations are still due to Brandon for this impressive deal though!