Michigan coach Jim Harbaugh has signed a contract extension to remain with the program through the 2025 season, it was announced on Friday.
The base salary of the deal is $4 million, according to Nick Baumgardner of The Athletic, though Harbaugh's salary could reportedly escalate to $8 million if he reaches his incentives, and the buyout is expected to be low. Harbaugh had recently been vacationing in California but signed the contract upon his return to Ann Arbor, per ESPN's Adam Rittenberg.
"I continue to believe that Jim is the right man to lead our program in pursuit of Big Ten and CFP championships," athletic director Warde Manuel said. "Our program didn't achieve at a level that anyone expected this year, but I know those setbacks will drive the coaches, players and staff moving forward. Jim is a tireless worker and competitor. Following the completion of the season we talked for many hours on what it will take for Jim to lead and get us back on the right trajectory."
Harbaugh just completed his sixth season at the program, leading the team to a 2-4 record, the first losing season in his tenure. The 57-year-old was reportedly waiting to see if any NFL teams were interested, as there are currently several openings.
NFL Network's Ian Rapoport and Tom Pelissero reported Harbaugh as a potential candidate for the vacant Chargers and Jets position.
At Michigan, Harbaugh has compiled a 49-22 overall record and 34-16 mark against conference foes. In four seasons with the San Francisco 49ers, Harbaugh was 44-19-1 with three playoff appearances. He led the team to Super Bowl SLVII, where San Francisco lost to the Ravens.