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Jim Harbaugh is exploring his options

The seemingly annual series of rumors about Jim Harbaugh's return to the NFL are swirling again. Harbaugh, who is fresh off winning a national championship at Michigan, has already interviewed with the Los Angeles Chargers for their head coaching vacancy but Yahoo's Dan Wetzel notes that he is also engaged in extension talks with the Wolverines.

Michigan is eager to keep the face of their program, offering Harbaugh a six-year contract worth $11.5 million annually to become the highest-paid coach in college football, but Harbaugh is seeking protection in the form of unique termination clauses that protect him from getting fired. The NCAA currently has opened several investigations into the Wolverines' program and there has been speculation that Harbaugh may look to escape to the NFL if sanctions are levied on the school.

Harbaugh is also waiting to sign a new deal with the Wolverines until Feb. 15, Wetzel notes, in order to maintain a lower buyout number for the current NFL hiring cycle. The current buyout on Harbaugh's deal dropped from $2.25 million to $1.5 million on Jan. 11, but the Wolverines are seeking to raise the buyout to $4 million going forward.

While the Chargers are the only team currently linked to Harbaugh, there are currently six other head coaching vacancies with the potential for two more openings if Philadelphia and Dallas opt to make changes after disappointing seasons. It's clear that Harbaugh is taking his time to make the right decision for his football future.