ANN ARBOR -- Jim Harbaugh isn't even getting a raise.

It had been previously reported Michigan had offered Harbaugh a contract that would make him the highest-paid coach in college football. In the end, he'll be starting with the same base salary he had in his final season with the San Francisco 49ers.

The details of Harbaugh's contract -- which he signed Monday -- were released at his introductory press conference Tuesday.

Seven years, $5 million annually to start. Plus a $2 million signing bonus. Harbaugh will be eligible for 10 percent increases after three and five years.

Interim athletic director Jim Hackett also said he'd review the football program at the end of 2015 to determine an appropriate "deferred compensation" plan.

The contract has the following incentives:

• $200,000 if Michigan plays in a bowl game appointed by the College Football Playoff committee;

• $300,000 it if plays in a College Football Playoff game;

• $500,000 if the Wolverines win a national championship;

• $50,000 if named Big Ten Coach of the Year;

• $75,000 for other national coach of the year awards;

• Up to $150,000 per year if Michigan's Academic Progress Rate (APR) is 960 or higher.

Amongst Big Ten coaches, Michigan State's Mark Dantonio was No. 2 nationally in total pay in 2014 at $5.636 million. Ohio State's Urban Meyer made $4.536 million.

"Jim insisted that he not be the highest-paid coach in college football, or even the Big Ten," Hackett told John U. Bacon. "I think that tells you something about his values."

Michigan is not obligated to pay any buyout figure for the one remaining year on Harbaugh's contract with the 49ers. According to the terms of their "mutual agreement to part ways," Harbaugh was deemed by San Francisco to be "free to consider his next coaching opportunity without any constraints."

In the fourth year of a five-year contract, Harbaugh was paid a base salary of $5 million last season in San Francisco. That ranked 12th among NFL coaches despite the 49ers going 49-22-1 during his tenure, reaching three straight NFC Championship games and appearing in Super Bowl XLVII.

The NFL's highest paid coaches are Sean Payton of the New Orleans Saints and Pete Carroll of the Seattle Seahawks, who earn $8 million each.

While Harbaugh was introduced as Stanford coach on Dec. 19, 2006, Michigan dropped a record $4 million to buyout the contract of Rich Rodriguez at West Virginia the following year to replace Lloyd Carr as U-M coach.

Rodriguez was fired in January 2011 after earning $2.5 million annually at Michigan and received a buyout of an additional $2.5 million. In replacing Rodriguez, Michigan paid San Diego State $1 million to satisfy the buyout terms of Brady Hoke's previous contract.

Hoke earned a $2.3 million salary last season before being fired on Dec. 2. Having been paid $11.4 million over four seasons in Ann Arbor, Hoke is due a $3 million buyout.

In his last season as a college coach, he earned $1.25 million in 2010 at Stanford, a figure that was criticized when an extension was signed during America's economic downturn, according to the San Jose Mercury News.

At Michigan, money made and spent on football doesn't register such trepidation. The program produced

$82 million in revenue in 2012-13

, the latest Michigan budget documents provided to the Board of Regents.

That accounted for at least 57 percent of athletic department revenues in 2012-13, which totaled $144 million, while costing about $23 million to operate. More than $58 million was from football into Michigan's other 30 varsity teams.

The $82 million in 2012-13 revenue didn't include indirect revenues, such as sponsorships, licensing and advertising agreements -- which totaled $22.5 million that year, directly stemming from primarily football and men's basketball.

In January, a study conducted by Indiana University-Purdue University Columbus professor Ryan Brewer estimated the net worth of Michigan football at $731.9 million. The annual figures from Brewer, mapped out by the Wall Street Journal, take into account expenses, revenue, risk, cash-flow adjustments, growth potential and more.

Michigan football's estimated net worth ranked No. 2 nationally behind Texas ($761.7 million).

Photo gallery: Jim Harbaugh announced as new U-M football coach 25 Gallery: Photo gallery: Jim Harbaugh announced as new U-M football coach

Brendan F. Quinn covers University of Michigan basketball and football. Follow him on Twitter for the latest on Wolverines hoops. He can be contacted at bquinn@mlive.com