After signing a five-year contract extension to stay in Michigan, Jim Harbaugh is getting a slight raise following a pay cut before last year.
Jim Harbaugh is getting paid.
The Michigan team’s head coach signed a five-year extension on Wednesday after flirting with a return to the NFL earlier in the season. That, along with winning Coach of the Year after leading Michigan to a Big Ten championship and landing at the College of Soccer means Harbaugh has leverage when it comes to offering a new deal and raise.
Harbaugh will earn $36.6 million over the life of the contract, an average of $7,336 million per year, or roughly what Harbaugh earned before last season’s pre-season pay cut.
Harbaugh will earn $7.05 million in base salary next year, which will grow to $7.6 million by the end of the deal.
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If Harbaugh leaves after the 2022 season, he will owe Michigan a $3 million buyback. The buyback dropped to $2.25 million, $1.5 million, $750,000 and then nothing. Harbaugh said he finished his NFL courtship after interviewing the Minnesota Vikings, but if he changes his mind in the next few years, it will be possible to control a buyout should he ever want to leave Michigan.
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Much of Harbaugh’s contract incentives are what were in his previous contract. Harbaugh will receive $1 million for the Big Ten championship, $1 million for the national championship, and $500,000 for a place in the College Soccer League. Additionally, Michigan is contributing $1 million annually to a 403(b) retirement fund.
All told, Harbaugh’s annual compensation comes to about $8 million, which is pretty much in line with what he earned before being forced to take a pay cut.
If Harbaugh can repeat what he did last year when Michigan beat Ohio State, won the Big Ten and made it to the playoffs, that would be a bargain. If last year was a mirage and Michigan’s return to annual defeat to Ohio State and an afterthought in the playoff conversation, Harbaugh and Michigan fans might be looking forward to him leaving the NFL.
https://fansided.com/2022/02/17/jim-harbaugh-contract-salary-buyout-michigan-football/ Jim Harbaugh reveals salary after signing new 5-year contract extension