Michigan Wolverines head coach Jim Harbaugh is currently contemplating a lucrative contract extension that would make him the highest-paid coach in college football. However, the offer comes with a significant caveat - it would prevent him from pursuing an NFL coaching job for the 2024 season. This development has put the negotiations between Harbaugh and the university at a standstill, according to the NFL Network.

The proposed contract is for an impressive 10 years and a staggering $125 million, surpassing Dabo Swinney's record-breaking $115 million deal. It would solidify Harbaugh's status as one of the highest-paid coaches in college football history. In addition, Michigan has reportedly offered a shorter-term contract worth $11 million.

During his nine-year tenure at Michigan, Harbaugh has elevated the Wolverines into a national powerhouse. Prior to his arrival, the team went eight years without a top-10 finish. Under Harbaugh's leadership, Michigan is set to achieve its fourth top-10 finish and has even secured three consecutive Big Ten championships.

Harbaugh has demonstrated a consistent interest in pursuing NFL coaching positions throughout his time with the Wolverines. Following the 2021 season, he actively pursued a role with the Minnesota Vikings but was ultimately unsuccessful. In a statement to the Detroit Free Press, Harbaugh indicated that he would no longer seek NFL opportunities. However, just a year later, he met with the Denver Broncos in an attempt to secure their head coaching vacancy, which ultimately went to Sean Payton. If Harbaugh does not sign the contract extension offered by Michigan, he could become a candidate for available NFL jobs in 2024.

The negotiations between Harbaugh and the university are further complicated by off-field issues. He has faced two suspensions, one self-imposed and one imposed by the Big Ten, for separate rule violations. Additionally, Michigan recently received a notice of allegations regarding illegal coaching and recruiting practices during the COVID-19 dead period. The NCAA is currently investigating the program and former analyst Connor Stalions over allegations of unlawful in-person recruiting and sign stealing.

Furthermore, the Wolverines are bracing for significant changes after the 2023 season, as they will lose key contributors such as running back Blake Corum and top receivers Cornelius Johnson and Roman Wilson. Additionally, the team will need to rebuild its offensive line, as all five starting linemen will be departing. On the defensive side, at least seven starters will also need to be replaced. Despite this impending transition, Michigan enters the College Football Playoff as an early favorite to win the national championship.

Michigan's journey begins with a matchup against the Alabama Crimson Tide in the Rose Bowl on New Year's Day at 5 p.m. ET. The winner of the game will secure a spot in the College Football Playoff National Championship, where they will face either the Texas Longhorns or the Washington Huskies on January 8.

In conclusion, Harbaugh finds himself at a crossroads with a tempting contract extension that would make him the highest-paid coach in college football. However, the provision restricting NFL opportunities for the 2024 season has hindered the negotiations. As Harbaugh considers his options, the Wolverines prepare for their decisive Rose Bowl clash against Alabama and brace for significant changes in the following season.