Jim Harbaugh

Michigan coach Jim Harbaugh attends the first day of the Big Ten Football Media Days in Chicago on Monday, July 25, 2016.

(Joe Hermitt)

Nick Saban now has company in the $7 million club, according to one report.

The Detroit Free Press and USA Today report that Jim Harbaugh signed an addendum to his existing contract at Michigan in June, which included a $2 million life insurance premium payment. Combined with Harbaugh's base salary of $5 million, that boosted the second-year coach to $7 million for 2015.

Saban earned $7.087 million in total pay last season, including bonuses for winning the SEC and national championships. Harbaugh's insurance bonus lifts him past the likes of Ohio State's Urban Meyer ($5.86 million) and Oklahoma's Bob Stoops ($5.4 million).

In theory, Harbaugh -- who is under contract through 2021 -- could surpass Saban in total salary in 2017. Saban's base salary this year is $6.9 million before bonuses.

Harbaugh went 10-3 in his first season at Michigan, ending the season with a 41-7 victory over Florida in the Capital One Citrus Bowl.