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It may have taken longer than Michigan athletic director Warde Manuel would’ve liked, but the deal is finally done.

Men’s basketball coach John Beilein and the University of Michigan announced Wednesday they finalized an agreement on a contract extension that will carry through the 2022-23 season.

The new deal includes a rollover function that will automatically extend the contract by one year, until Beilein or Michigan elect not to extend the agreement by mid-April, in any given year.

Financial terms of the deal weren't disclosed.

Beilein, 65, signed a two-year extension in November 2015 that would last through the 2020-21 season and would pay him $3.37 million annually. He was the ninth-highest paid coach in college basketball last season at $3.37 million.

More: Wojo: Beilein can keep raising the ceiling at Michigan

"I am grateful for the opportunity the University of Michigan has given to me over the past 11 years," Beilein said in a statement. "(Wife) Kathleen and I love Ann Arbor, our University, our fans and the state of Michigan. We will continue to work very hard in the future to have our basketball team reflect the greatness of this University.

"I thank (school President) Mark Schlissel and Warde Manuel for their faith and commitment to our coaching staff and basketball program. The future of men's basketball is bright and I am excited to be a part of it."

Beilein just completed his 11th season at Michigan by leading the Wolverines to a single-season program-record 33 wins, a second straight Big Ten tournament title and a second appearance in the NCAA championship game in six seasons.

"I am thrilled to ensure John's leadership of our basketball program today and into the future," Manuel said in a statement. "I am very pleased with our shared dialog throughout the process, and I am extremely happy that one of the game's great coaches is representing the University of Michigan."

After the season, Beilein entertained the idea of becoming the Detroit Pistons’ head coach following the firing of Stan Van Gundy. Beilein interviewed for the coaching vacancy in May, but he was never offered the job and opted to pull his name from the running to return to Michigan for his 12th season.

Beilein is already the winningest coach in program history with 248 career victories, and his next win will also be his 800th at the collegiate level.

More: Kim Barnes Arico, Michigan agree to two-year extension

During his tenure, Beilein has guided Michigan to seven seasons with 20-plus wins, eight NCAA Tournament appearances, two Big Ten regular-season championships in 2012 and 2014, two conference tournament titles in 2017 and 2018, and two trips to the national championship game in 2013 and 2018.

Widely regarded for his ability to develop talent, he has also had nine Wolverines selected in the NBA Draft since 2011, including seven in the first round.

“This is new territory for just about everybody in their life when they get to this point,” Beilein said last month when asked if this will be his final contract, which he negotiated himself since he doesn't have an agent. “I feel good so I don't know where it will all end, but the whole idea is to not let it get to where every three years we got to put an extension in because it's working. Warde has a lot of faith in that.

“When the day comes (to retire), I'll know when it comes and there won't be any big deal. It'll be like, 'Coach resigned today.' I know when will be the right time but it's not now.”

jhawkins@detroitnews.com

twitter.com/jamesbhawkins

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