ANN ARBOR, Mich. -- John Beilein will continue his stay in Ann Arbor for the forseeable future.
The Michigan basketball program and interim athletic director Jim Hackett announced on Wednesday that it has extended Beilein's contract through the 2020-2021 season.
"John is one of the most respected coaches in the country and revered people within the university community," said Hackett in a statement. "While he has accomplished many great things on the basketball court, it is his leadership, guidance and role as an educator that truly makes him one of our great ambassadors. We look forward to John continuing to represent the University of Michigan for many years to come."
Beilein currently has 166 victories heading into the 2015-2016 season during his time with the Wolverines, which puts him fourth on the all-time list in school history. He will be entering his ninth season with the Wolverines that includes two conference championships (one outright) and five NCAA Tournament appearances (with one National Championship appearance.)
"Kathleen and I are grateful for the opportunity to remain a part of the men's basketball program for another six years," said Beilein in a statement. "We wanted to thank the University of Michigan, President Schlissel, Jim Hackett, all the past teams, assistant coaches, students, administration, alums and especially the great fans for their patience, hard work and support during this past eight years. We have never been more excited about the future of our program. We look forward to competing for and winning more Big Ten championships in the years to come."
According to the terms of Beilein's contract, he will be set to earn a $400,000 base salary with additional compensation of $1,470,000 for TV, radio, internet, apparel and other appearances. In addition, Beilein will also earn $1.5 million in deferred payments through U-M's Supplemental Defined Contributions Retirement Plan.
The contract also includes performance-based incentives as well.
The Wolverines kick off the season on Friday, November 7 against Le Moyne College at the Crisler Center. The game is scheduled to tip-off at 7 p.m.