When people talk about Michigan pursuing a Harbaugh, I think we all need to keep in perspective what that really means. It would literally be unprecedented in the world of NFL football for a coach to walk away from the professional game in the midst of a successful run in the pros. In the world of football today, the "hot" college coaches get lured into the pros, not the other way around. Both of the Harbaughs are still in a position to write their own tickets in the professional ranks. For that reason alone, the likelihood of them leaving is extremely low.
Moreover, $7 million a year is a lot of money even for UM, which despite its smugness is still a public institution in a state whose economic woes reach back far further than the financial crisis of 2008-09. A lot of ink would be spilled talking about the use of state dollars at an institution paying that kind of cash to a non-academic administrator. Particularly when we already know that under Dave Brandon, administrative pay in the athletics department had already grown by 70% or so during his tenure. Combine that with a vocal faculty that is already complaining publicly about athletics budget bloat, and I just don't see UM setting the new bar for college football salaries.