Michigan introduces Jim Harbaugh

— -- Jim Harbaugh was officially introduced as the new coach at  Michigan, calling the return to his alma mater a "homecoming" for himself and his family.

The school announced Tuesday it had hired the former Wolverines star quarterback, just two days after he left his job at coach of the  San Francisco 49ers.

"Throughout my life, I have dreamed of coaching at the University of Michigan," a husky-voiced and raspy Harbaugh said in a statement at a packed news conference. "Now I have the honor to live it."

Michigan interim athletic director Jim Hackett confirmed that Harbaugh signed a seven-year deal worth $5 million per year -- the same salary he received with the Niners.

The 51-year-old Harbaugh coached the 49ers to three straight NFC championship games. San Francisco lost the 2013 Super Bowl to a Baltimore Ravens team coached by his brother, John. After the 49ers slipped to 8-8 this season and missed the playoffs, he parted ways with the team Sunday in what both sides called a mutual decision.

Now his name is the buzz of the Big Ten.

Michigan has fallen to almost unthinkable depths in recent years. Brady Hoke's uninspiring tenure followed three tumultuous seasons under Rich Rodriguez, and the only thing those two seemed to have in common was their mediocre performance.

This past season was the third time in seven years Michigan finished with a losing record and the Wolverines failed to reach a bowl. The program has not won the Big Ten since 2004.

ESPN.com's Dan Murphy and The Associated Press contributed to this report.