Details emerge on Jim Harbaugh’s contract extension
Jim Harbaugh and Michigan have agreed to a new five-year contract that runs through 2026 and the details have emerged. His extension will pay $7.05 million in the first year, with increased set to reach $7.63 million by the final year, according to The Detroit News.
His buyout starts at $3 million and decreases by $750,000 per year until it reaches $0 in the fifth year. Michigan will also making a $1 million annual contribution to a 403(b) retirement fund, according to The Athletic’s Austin Meek.
There was talk around the program that his job security was in question before the 2021 season. Harbaugh had his base salary cut by the Wolverines, from $8 million to $4 million as he signed a four-year extension back then. Just one year later, his pay is back on the rise.
Harbaugh led Michigan to Michigan’s first Big Ten Championship since 2004 last season following a 42-3 victory over No. 12 Iowa. The Wolverines finished No. 3 in the final polls, its highest finish since 1997 and made their first appearance in the College Football Playoff. Despite losing to eventual national champion Georgia in the Orange Bowl, the future is bright for Harbaugh in Ann Arbor.
The extension talks did not come without their fair share of scares, as Harbaugh took an NFL interview with the Minnesota Vikings on college football’s National Signing Day. Despite rumors tying him to several professional opportunities this offseason, he is now locked in long term.
Statements from Michigan and Jim Harbaugh
Michigan announced the extension on Wednesday and released a statement on their commitment to building with Jim Harbaugh after the contract extension.
“Jim has done a great job coaching and developing the young men in our football program,” said Warde Manuel, the Donald R. Shepherd Director of Athletics. “Last season, Jim along with the staff and players delivered a memorable season that will remain with all of us for a long time. As Coach said, this is just the beginning. Academically, our program has been one of the best in the Big Ten and among the leaders across the country. We have graduated our players and they have been young men of great character who have done the right things. I have the utmost confidence in the direction of the program under Jim’s leadership.”
Jim Harbaugh also reaffirmed his love for the school, issuing a statement on his contract extension.
“I love Michigan Football, the University of Michigan and the Ann Arbor community,” said Harbaugh. “My family and I are excited to continue leading this football program, and we are thankful for the support that our athletic department and university administration have demonstrated toward the team. I appreciate all that our players, coaches and staff are doing to excel on and off the football field. My enthusiasm for tomorrow, the day after and every day following is as high as ever, and we are ready to get on the practice field and start preparations for the 2022 season. Go Blue!”