ANN ARBOR, Mich. -- Michigan and Nike have officially crossed the T's and dotted the I's on the universities lucrative apparel deal with the sports apparel giant which is set to begin August 1.
According to MLive.com's Nick Baumgardner, U-M's contract with Nike will pay the athletic department at least $173.8 million through 2031, depending on whether U-M sees the deal through to completion. The overall monetary value is higher than the estimated $169 million-figure, at the time the most lucrative apparel deal in the country, that was being thrown around last year.
U-M is expected to be compensated with $85 million dollars in Nike apparel through the length of the contract and $88.8 in base compensation according to the report. Within 10 days of the agreement being completed, Nike must pay U-M a lump sum payment of $12 million.
According to Baumgardner, the contract also calls for performance-based bonuses for various sports on campus.
- For football: $10,000 for Big Ten championship game appearance, $20,000 Big Ten championship game victory, $25,000 for College Football Playoff semifinal appearance, $50,000 for a National Championship Game appearance and $100,000 for a NCG victory.
- For men's basketball: $10,000 for a Big Ten championship, $25,000 for a national championship, $3,500 for a top-five ranking and $3,500 for a .950 season winning percentage.
- For women's hoops: $7,500 for a national championship, $5000 winning the conference, $3000 top five ranking and $3000 for a .950 season winning percentage.
As previously reported, both the hoops and football programs will be outfitted with the "Jumpman" apparel brand. The football program is the first in the nation to be outfitted with Jumpman gear.