Details of Jim Harbaugh's new Michigan contract revealed
Jim Harbaugh’s new Michigan contract looks a lot like his old deal. UM sent the contract to various media outlets Thursday morning.
It’s a 5-year deal for Harbaugh, worth $36.6 million.
Jim Harbaugh’s new 5-year contract at Michigan worth $36.6 million, averaging $7.336 million per year
— Brett McMurphy (@Brett_McMurphy) February 17, 2022
Michigan will also contribute $1 million a year to a retirement fund. Harbaugh can pick up significant bonuses for a B1G title, national championship and College Football Playoff appearance.
Michigan is also making a $1 million annual contribution to a 403(b) retirement fund. So the annual comp comes out around $8 million plus incentives. Basically what Harbaugh was earning before his pay cut.
— Austin Meek (@byAustinMeek) February 17, 2022
The new deal comes after Harbaugh showed interest in the Minnesota Vikings job. Harbaugh has said he won’t be interested in future NFL opportunities, but his new contract includes buyout payments to UM if he leaves before the deal is complete. Harbaugh would owe $3 million if he leaves in Year 1. The amount drops by $750,000 every year after.
Harbaugh contract buyout pic.twitter.com/t8QCWrgtwK
— angelique (@chengelis) February 17, 2022
