Nike's new deal with Michigan is valued at $169 million, university officials announced. The 11-year contract begins Aug. 1, 2016 and runs through 2027, with a school option to extend it to 2031. As reported last week, Nike will replace Adidas as the university's uniform provider.

Nike will supply uniforms, footwear, apparel and equipment for all 31 varsity athletic teams.

The financial terms total $122.3 million guaranteed, with Michigan receiving $12 million cash up front, $56.8 million in equipment and apparel and $53.5 million total in cash, paid annually.

The cash breakdown includes $4.82 million each year in base compensation for the first 10 years of the deal, then $5.32 million in 2026-27, totaling $122.8 million. In the final four (option) years, Michigan would receive $5.82 million per year in cash ($23.3 million total) and another $23.4 million in apparel.

As predicted, the contract is the largest in college sports. Notre Dame's agreement with Under Armour was reportedly for 10 years and $90 million.

Notre Dame is a private institution and does not have to reveal the details of its deal. As a public university, Michigan is required to report its sponsorship details.

Michigan's current deal with adidas, which runs through July 31, 2016, was the largest among public universities, worth $8.2 million per year in cash and equipment.