On Wednesday, news broke that Jim Harbaugh had agreed to a new contract with Michigan that goes through the 2026 season.
Just moments ago, Austin Meek revealed the details of Harbaugh’s new contract.
-Harbaugh will earn a $655,000 base salary with $6,395,000 in incentives plus $1,000,000 contribution to his retirement fund. This is a total of $8,050,000 for Year 1 of the new contract. He could also earn $500,000 for winning the Big Ten East, $1 million for a Big Ten Title, $1 million for a National Championship, and $500,000 for a CFP bid. If all of those things happen his Year 1 earnings would be $11,050,000. Harbaugh can also net a $50,000 bonus if he’s voted Big Ten Coach of the Year and another $75,000 if he’s named Coach of the Year by a national media outlet.
-If Harbaugh leaves after the 2022 season, he would owe Michigan a $3 million buyout. The buyout drops to $2.25 million, $1.5 million, $750,000 and then zero.
-A quick scan of the incentives: $1 million for a Big Ten title, $1 million for a national championship, $500,000 for a CFP bid. Very similar to his previous deal.
-Michigan is also making a $1 million annual contribution to a 403(b) retirement fund.
Here is Harbaugh’s new contract via Angelique Chengelis of The Detroit News.
If Harbaugh leaves after the 2022 season, he would owe Michigan a $3 million buyout. The buyout drops to $2.25 million, $1.5 million, $750,000 and then zero.
— Austin Meek (@byAustinMeek) February 17, 2022
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
