ANN ARBOR -- Michigan's long-awaited Nike apparel contract has been finalized, signed and dated.

And on Aug. 1, 2016, Michigan's athletic department will begin a partnership with Nike that will pay the university at least $173.8 million through 2031 (if Michigan extends the deal completely). If Michigan does not extend the deal, the contract will run through at least 2027.

The figure of $173.8 million is a bit higher than the originally reported number of $169 million that was floated last July.

In the official contract, Michigan will be paid a total of $85 million in Nike apparel and products through the full length of the 15 years, and a total of $88.8 million in base compensation. That figure includes a $12,000,000 lump sum payment made by Nike to Michigan within 10 days of the completed agreement.

The contract was officially signed and dated by Nike executives and Michigan athletic director Warde Manuel on March 16.

Michigan is also on a bonus payment structure with Nike as it relates to the performance of the football, men's basketball and women's basketball teams.

Nike will pay Michigan the following for football milestones:

* $10,000 for a Big Ten title game appearance

* $20,000 for a Big Ten title game victory

* $25,000 for a CFP semifinal appearance

* $50,000 for a national title game appearance

* $100,000 for a national title

In men's hoops, Michigan will get $25,000 for a national title, $10,000 for a Big Ten title, $3,500 for a top 5 ranking and $3,500 for a .950 season winning percentage. For women's hoops, it's $7,500 for a national title, $5,000 for a conference title, $3,000 for a top five ranking and $3,000 for a .950 winning percentage.

In addition, the football and basketball programs will be outfitted by Nike's "Jumpman" brand. Michigan's football team will be the first in the country to be a "Jumpman" school.

Nike also agreed to "a shared commitment with the UNIVERSITY and its licensing agent CLC to addressing labor issues in the subcontracted factories engaged to make Products bearing University Marks, including, but not limited to, Licensed Products (such items, the "UNIVERSITY Products"). Accordingly, NIKE represents and warrants that (i) all UNIVERSITY Products shall be manufactured in accordance with the NIKE Code of Conduct."

Other contract tidbits:

* Nike will get 10 tickets for each home and road football game, including 4 VIP parking passes for each home game. It will also get 20 tickets for any bowl game and 12 tickets for a Big Ten title game. Michigan will also provide Nike with 50 tickets to one mutually agreed football game per year, 30 to one mutually agreed men's hoops game and one mutually agreed women's hoops game.

In addition, Nike will also get one suite for football and men's basketball for every year of the contract.

* Michigan acknowledges that "polishing-out" or "spatting" (aka taping cleats/shoes so that the Nike logo is covered) is not allowed under the terms and conditions of the contract.

* If any Michigan program is banned from postseason play by the NCAA infractions committee during the duration of the deal, Nike has the right to extend the term of the contract by the number of years lost by Michigan by said postseason ban. Nike also has the right to terminate the deal if any ban is longer than one year.

* In each contract year, all head coaches of flagship programs (football, men's basketball, women's basketball) agree to at least two public appearances to help promote Nike and the school's intercollegiate athletic programs.

* As part of a joint initiative, Michigan and Nike agree to a "minimum of two community events each Contract Year that support and/or celebrate health and fitness; furthering research and innovation with regard to sports performance (e.g., healthy training, recovery and injury prevention); and sustainability and protecting the environment, such as sharing strategies and innovation in reducing waste and conserving natural resources.

-- Follow MLive's Michigan coverage on Facebook, Twitter and Instagram

-- Subscribe to "The Wolverine Beat" podcast on iTunes