Earlier this month, Nike managed to sway the University of Michigan away from a lucrative adidas sponsorship. At the time, the terms of the deal hadn't been made public, but Matthew Kish of the Portland Business Journal has now released the details in their entirety.
From the gate, the University of Michigan will receive an advance of $12 million. That will be followed by payments of $4,820,000 each contract year until 2026. In 2027, the yearly payment will increase to $5,320,000. Then, if the four-year extension option is exercised, the annual payout will jump to $5,820,000 until 2031. In total, Michigan could stand to make as much as $76.8 million over the course of the next 16 years.
You can read the terms in full below, which also includes the value of product Nike will supply Michigan with through the end of the deal.