Michigan's success last season with his first win over rival Ohio State, a Big Ten title, and College Football Playoff appearance has allowed Jim Harbaugh to flip the table a bit in terms of his contract at Michigan.
After a disappointing 2020 season Harbaugh signed a reworked contract paid him a base salary of $4 million heading into 2021 that was a deal heavy in incentives where he could earn an additional $3.475 million.
Harbaugh hit a bunch of those marks outlined in that deal, and in a well publicized first-class move, vowed to donate his incentive earnings back to U of M to help with the financial hit a lot of folks took during the COVID pandemic.
With his reworked deal that Michigan announced yesterday, taking him through 20206, Harbaugh's new deal has a new tone to it, highlighted by his compensation that made a significant jump.
Harbaugh's comp throughout the new deal, according to screenshots of his deal being shared, will be as follows:
- Year 1 - $6,395,000
- Year 2 - $6,535,000
- Year 3 - $6,678,000
- Year 4 - $6,824,000
- Year 5 - $6,973,000
Harbaugh shared after interviewing with the Vikings that his flirtation with the NFL would be the final time he tested those waters, so a lot of folks will be interested in what the buyout looks like.
If Harbaugh were to leave in year one of his deal, he would owe Michigan a $3 million lump sum payment - which is a full $1 million more than his previous deal called for if he left. 2020. If he left in year two, that amount owed drops to $2.25 million, and $1.5 million in year three. He would owe just $750k if he left in year four, and that drops to $0 in year five of the deal.
Stay tuned to The Scoop for the latest.