When Michigan chose to partner with Nike for their next apparel deal, it was rumored they did so while turning down more generous monetary offers from Adidas and Under Armour. The details of the Nike contract have been released, and it's safe to say Jim Hackett struck a pretty solid deal regardless. Via MLive's Brendan Quinn:
According to contract details released by the Michigan athletic department, the university's deal with Nike is worth $169 million over 11 years, making it by far the richest of all apparel deals in collegiate athletics. The contract, which will supply all 31 U‐M athletic programs with uniforms, footwear, apparel and equipment, will pay $76.8 million in cash and $80.2 million in apparel.
Michigan will receive $12 million upfront, followed by $10.1 million-$10.9 million annually in cash and apparel/equipment.
Notre Dame's 10-year contract with Under Armour, which surpassed Michigan's then-record contract with Adidas, is reportedly for $90 million. From Quinn's article, the next-highest contract for a public school is Texas' deal with Nike, which is worth a little over $5.5M/year.
Yes, saying Michigan signed a deal for $Texas may actually be understating things. Take a bow, Jim Hackett.
UPDATE: The $169 million figure is a little misleading, as that apparently includes four option years tacked on to the end of the deal.
W/o option years, U-M & Nike have agreed to 11-year, $122.32 million deal (includes $12 million upfront). The option is 4 years for $46.68
— Brendan F. Quinn (@BFQuinn) July 15, 2015
As part of the still-record-shattering deal, Michigan will make a pretty penny on royalties:
In addition to shattering the record for the largest deal in NCAA history, Michigan will also receive 15-percent royalty rates on apparel purchases. This passes Notre Dame's 13-percent and is believed to be the highest in the country.
Michigan has a 10% royalty rate with Adidas.