New on Sports Illustrated: Report: Michigan, Jim Harbaugh Finalizing Five-Year Contract

Harbaugh, 57, is 49-22 in his six seasons at Michigan. The Wolverines went 2-4 in an abbreviated 2020 season.

Michigan is reportedly nearing an agreement with head coach Jim Harbaugh on a five-year contract with a base salary of $4 million,

according to Nick Baumgardner of The Athletic.

His salary could escalate to $8 million if he reaches his incentives, and the buyout is expected to be low. Harbaugh has yet to sign the deal, but he is expected to do so soon.

Harbaugh just completed his sixth season at the program, leading the team to a 2-4 record, the first losing season in his tenure. The 57-year-old was reportedly waiting to see if any NFL teams were interested, as there are currently several openings.

NFL Network's Ian Rapoport and Tom Pelissero reported Harbaugh as a potential candidate for the vacant Chargers and Jets position.

At Michigan, Harbaugh has compiled a 49-22 overall record and 34-16 mark against conference foes. In four seasons with the San Francisco 49ers, Harbaugh was 44-19-1 with three playoff appearances. He led the team to Super Bowl SLVII, where San Francisco lost to the Ravens.