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Michigan and Jim Harbaugh are discussing a new five-year contract worth $55 million, according to a Sports Illustrated report on Thursday.

The final roadblock to the long-term commitment is Harbaugh putting pen to paper on a stipulation he will not entertain NFL job offers during the upcoming coaching cycle, per the report.

No. 1 Michigan (12-0) is preparing for a College Football Playoff semifinal in the Rose Bowl against No. 4 Alabama (12-1) after claiming its third consecutive Big Ten championship for the first time in program history.

Harbaugh’s current annual salary is just over $7 million, according to 2022 Michigan Board of Trustees documents.

Harbaugh was suspended a total of seven games during the regular season. He missed the first four because of an NCAA investigation into improper benefits involving recruiting visits and alleged false responses from Harbaugh to investigators, then was suspended three games by the Big Ten connected to allegations of sign-stealing.

Harbaugh, who turns 60 on Dec. 23, is 87-25 at Michigan, where he played quarterback from 1983-86 before a 14-year NFL career.

The Wolverines are still seeking their first win in the College Football Playoff (0-2).

–Field Level Media