Michigan Men's Basketball head coach John Beilein and the University have reached an agreement on a contract extension, according to a release from U-M Athletics.
The extension adds two more seasons to Beilein's current deal, keeping him locked up in Ann Arbor through the 2020-21 season.
"John is one of the most respected coaches in the country and revered people within the university community," said interim athletic director Jim Hackett. "While he has accomplished many great things on the basketball court, it is his leadership, guidance and role as an educator that truly makes him one of our great ambassadors. We look forward to John continuing to represent the University of Michigan for many years to come."
"Kathleen and I are grateful for the opportunity to remain a part of the men's basketball program for another six years," said Beilein. "We wanted to thank the University of Michigan, President Schlissel, Jim Hackett, all the past teams, assistant coaches, students, administration, alums and especially the great fans for their patience, hard work and support during this past eight years. We have never been more excited about the future of our program. We look forward to competing for and winning more Big Ten championships in the years to come."
Financial terms of the deal are detailed in the athletic department release:
The terms of Beilein's extension call for him to earn a base salary of $400,000 with additional compensation of $1,470,000 per year for TV, radio, internet, shoe/apparel sponsorships, consulting, promotion and other services. In separate deferred payments, Beilein will receive an additional $1.5 million annually through the University's Supplemental Defined Contributions Retirement Plan.
The contract also provides opportunities for supplemental pay based on a range of performance measures from winning the Big Ten regular-season title and tournament championships as well as selection to and victories in the NCAA Tournament.
This will be Beilein's third extension during his tenure in Ann Arbor. He was awarded an extension to the 2015-16 season on Jan. 11, 2010, and a second to the 2018-19 season on July 17, 2013.
Beilein is entering his ninth season in Ann Arbor, where his 166 wins are 43 shy of the all-time program record held by Johnny Orr (209).
Michigan tips off its 2015-16 season on Friday with an exhibition game against Le Moyne College, coached by Patrick Beilein, John's son.