UPDATE: Jan. 8, 4:30 p.m.
Michigan makes it official. The university and Coach Harbaugh have reached an agreement on a contract extension that runs through the 2025 football season. Harbaugh has signed a four-year extension with revised financial terms effective Jan. 11, 2021.
Here are the terms of Harbaugh's new contract.
UPDATE: Jan. 8, 3:00 p.m.
According to Chris Balas at TheWolverine.com, Jim Harbaugh has signed the extension described below. It's a 5-year deal.
Original Post: Jan. 7, 10:53 p.m.
The Michigan football season came to an end several weeks ago and the word on the street has been awfully speculative on Jim Harbaugh's future leading his alma mater.
Plenty of people have wondered whether or not he would jump to the NFL or remain at Michigan by signing a new contract extension as he goes into the final season on his current deal. By comparison, no other Power 5 head coach in the country has fewer than two years remaining on his contract.
His current deal was signed on Dec. 28, 2014 and concludes three days after the end of the 2021 season. The value is a base salary of $500,000 and additional compensation of $4.5 million, with 10 percent increases in January 2018 and January 2020.
Harbaugh's two scheduled raises meant his salary for 2020 and 2021 was $6 million and his deal is fully guaranteed.
After radio silence over the last couple weeks in terms of actual reports, it seems that Harbaugh and the Wolverines have just about wrapped up a new deal.
Nick Baumgardner of The Athletic is reporting that Harbaugh and the Wolverines are close to finalizing a five-year deal with an expected base salary of $4 million, which is significantly lower than his current deal. But if he achieves the incentives worked into the deal, his compensation could jump back to $8 million. The deal isn't signed, but it's expected that Harbaugh will sign in the next day or two.
Harbaugh has never beaten Ohio State and has failed to make a New Year's Day bowl game, but his win-loss record at Michigan overall has been favorable. He is 49-22 over six seasons, but he's won just one bowl game, the 2015 Citrus Bowl in his first year coaching the Wolverines.
Meanwhile, it seems like the Buckeyes are having a little fun on social media with the news of the night.
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