The University of Toledo and new head football coach Mike Jacobs have agreed to a memorandum of understanding agreement.
Once an official contract is signed, it will be a five-year deal with $1 million of annual compensation and an additional year for a nine-win regular season and/or conference championship game appearance.
The $1 million includes a $500,000 base salary and $500,000 of annual marketing compensation.
Jacobs will also have a $1,500,000 budget to spend on 10 assistant coaches of his choice and $800,000 will be spent on operations, quality control, sports performance staff, graduate assistant coaches, etc.