Jim Harbaugh has a new addendum in his Michigan contract details, with the school paying toward an insurance policy that the head coach owns every year through 2021.
Jim Harbaugh has made Michigan a national contender in only a year and a half on the job, and the powers-to-be at the university and athletic department are making sure he is getting paid handsomely for his work.
A life insurance policy that Harbaugh owns is now being paid $2 million a year by the university, adding to the $5 million the 52-year-old head coach already makes. However, since the university made a $2 million payment on June 3, when the addendum went into effect, and another $2 million will be paid if Harbaugh remains as the head coach through December 6 of this year, the total amount Harbaugh could make during this contract year is $9 million.
The annual $2 million payment will be posted on December 6 each year through 2021 as long as Harbaugh is still the Wolverines’ head coach.
The $7 million per year payout makes Harbaugh the second highest paid college football coach, just behind Alabama’s Nick Saban, who makes $7.087 million per year.