Michigan announced Sherrone Moore as its new head coach Friday, replacing Jim Harbaugh, who earlier this week took the head-coaching job with the Los Angeles Chargers.

Moore's contract is for five years with a base salary of $500,000 and $5 million in additional compensation in Year 1. His salary and additional compensation will each increase by 2% in the subsequent years, and Moore will receive $500,000 per contract year if he remains as head coach for the entirety of the year.