Jim Harbaugh didn't just achieve a major life goal when Michigan knocked off Washington to earn the school's first undivided national football championship since 1948 — the coach also secured a major boost to his bank account with a seven-figure bonus.
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Michigan coach Jim Harbaugh will pick up a $1 million bonus for the Wolverines winning the CFP national championship.
He ends the season with $3 million in on-field bonuses.#NationalChampionship
— Steve Berkowitz (@ByBerkowitz) January 9, 2024
The $1 million bonus for Harbaugh winning that last game brings his total performance-based bonus compensation all the way up to $3 million for the year, a truly tremendous number for a college coach.
Fans might remember that after a disastrous 2020 season, Harbaugh was more or less forced to rework his contract to avoid being fired. After years of poor results, the deal was restructured and extended, with a lower buy-out clause and a heavy emphasis on bonuses rather than guaranteed base salary.
Since then, Michigan is 3-0 against Ohio State, has won the Big Ten and reached the College Football Playoff each year — the program's first three trips — and, of course, finally won a Rose Bowl and national championship. The rebuilt contract clearly worked out for both sides, as Harbaugh has been cashing in to more or less the fullest extent while the school finally got the national championship it has so craved for decades.
Harbaugh's financial situation is one of the more interesting ones in college football. First, Michigan reportedly has put together a new extension offer for him, as he weighs the decision of staying versus heading back to the NFL. After the past few years, you'd have to imagine that athletic director Warde Manuel is going to have to cough up a bit more guaranteed money to keep his head coach around.
Another unique angle is Harbaugh's consistent advocacy that student-athletes should be further compensated for the revenue they help to generate for their schools. He has stated that everyone in positions like his should be taking a pay cut of about 5-10% so the funds can head back to the players. Will he do something of the sort with his bonus, perhaps by way of contributions to their various NIL (name/image/likeness) streams? We'll have to wait and see.
