Yes, It Turns Out U-M Can Afford $49 Million to Pay Harbaugh

An analysis by Forbes values the University of Michigan Wolverine football program at $117 million. With 2014 profits at $65 million, it appears the program is financially positioned to offer a $49 million contract to current San Francisco 49ers Coach Jim Harbaugh. (Photo: Brian Bahr/Getty Images)

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The University of Michigan Wolverines just completed their third straight losing season on the gridiron, failed to get a bowl bid, and fired head coach Brady Hoke.

But the program is still a cash cow for U-M. Forbes reports that with a value of $117 million, the Wolverine football program is the third-most-valuable college football program in America.

The program posted posted profits of $65 million for the 2014 season after a $10 million spike in revenues over the 2013 season.

Forbes said the program increased its revenues to $91 million by hosting one more game in 2014 than in the year prior.

The ledger shows Michigan is financially in a good position to make a six-year $49 million mega offer to San Francisco 49ers Coach Jim Harbaugh to rebuild the program. Harbaugh’s father was an assistant coach for the Wolverines in the 1970s.

According to ESPN, Harbaugh is “torn” between taking the Michigan job and remaining with the NFL.

The most-valuable college football programs in America are the No. 1 Texas Longhorns ($131 million) and the No. 2, Notre Dame Fighting Irish ($122 million).

The Michigan State University Spartans are No. 16 ($72 million) on the list.