Jim Harbaugh was formally introduced as the 20th head football coach at the University of Michigan (UM) Tuesday, which he could only describe as a "homecoming."

Still hoarse from Sunday's emotional season finale in San Francisco, Harbaugh rasped his way through his introductory press conference attended by his wife, children, close friends, an array of UM officials and alumni, as well as current and former Wolverines players.

"Across every discipline on campus, the University of Michigan stands for excellence," the coach said in his 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."

According to ESPN, Harbaugh's deal is not the six-year contract worth $48 million reportedly offered him a couple weeks ago. Instead, he will make $5 million per year over the next seven years, the same salary the 49ers were paying him.

As the Detroit Free Press noted, this figure falls short of Nick Saban's $6.9 average annual salary, which is highest in college football. The newspaper did note that there are incentives in Harbaugh's contract and the coach could always seek a raise if his performance warrants one.

Harbaugh most recently coached in college at Stanford, but as a UM alum he once played quarterback for the Michigan Wolverines.

"We are excited to have Jim come home and lead our football program into the future," Jim Hackett, interim athletics director at UM, said at the presser. "Since retiring from playing in the NFL, Jim has worked hard to become one of the elite coaches in the profession. 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.

"We believe that Jim is the perfect individual to balance the academic and athletic expectations that come with representing this football program and University."