Michigan's new deal with Nike worth $169 million, school switching from Adidas next year

The University of Michigan's new apparel and equipment deal with Nike is worth $169 million, with a nearly even split between annual cash and apparel value.

The deal, which begins in August 2016, was announced last week, and Michigan released financial details Wednesday. The agreement runs until 2027, and the school has an option to extend it to 2031. The full 15-year deal includes annual compensation totaling $76.8 million, plus $12 million up front — as well as $80.2 million in apparel.

Nike will supply the school's 31 athletic programs with uniforms, footwear, apparel and equipment.

Michigan has partnered with Adidas since 2007.