Jim Harbaugh was officially introduced as the new football coach of University of Michigan, completing the reunion between the Wolverines and their former star quarterback.

Michigan announced on Tuesday that they have reached a deal with Harbaugh just two days after the 51-year-old coach mutually parted ways with the San Francisco 49ers, the team he led to three straight NFC title games and one Super Bowl appearance in four seasons.

According to reports, Harbaugh agreed to a seven-year deal worth $5 million per year, including a $2 million signing bonus. But more than the money involved, Harbaugh said he is very excited to return to Ann Arbor, saying that getting the chance to coach the Wolverines is a dream come true for him.

Harbaugh, who won the Big Ten Player of the Year award and finished third in the Heisman Trophy voting as the Wolverines' starting quarterback during his collegiate career, vowed to maintain the school's excellence as he tries to lead the Wolverines to their first national title since 1997.

"Across every discipline on campus, the University of Michigan stands for excellence," Harbaugh said in a statement. "I feel privileged to take a leadership position at one of the finest universities in the world. I truly believe it is time to ask what we can do for our great university, and how I can be a great teammate. I commit to do my part to see to it the Michigan football program upholds its tradition of excellence."

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Harbaugh will inherit a program that finished with a losing record for the third time in seven seasons and a team that has not won the Big Ten since the 2004 season.

Michigan athletic director Jim Hackett expressed confidence that Harbaugh will live up to expectations, citing the veteran coach's winning records in his previous coaching stints. In four seasons with the 49ers, Harbaugh tallied a 49-22-1 record, including a 5-3 mark in the playoffs.

"He has been successful at every coaching stop and has done an exceptional job of molding and developing young men as football players, students and citizens," Hackett said of Harbaugh. "We believe that Jim is the perfect individual to balance the academic and athletic expectations that come with representing this football program and University."

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