The University of Miami agreed to a 10-year apparel deal with Nike worth more than $200 million. The contract ends a 12-year partnership with Adidas and triples the program's annual apparel revenue.

Financial terms of the contract

The deal will pay Miami slightly more than $20 million per year, with about two-thirds in cash and the rest in apparel, according to AToZ Sports, citing the Miami Herald's Barry Jackson. The Hurricanes had been earning roughly $6.5 million annually under Adidas.

The agreement reportedly makes Miami Nike's second-highest collegiate investment, behind only Oregon, where the company was founded, according to the Miami Hurricane.

Miami's long history with both brands

Nike outfitted the Hurricanes from 1987 to 2015 in what was the first all-sports apparel contract in college athletics history. That partnership covered four of Miami's football national championships (1987, 1989, 1999 and 2001) and two baseball titles (1999 and 2001). In 2015, Nike declined to match Adidas' offer, and Miami signed what became Adidas' longest-standing collegiate deal.

This time the roles reversed. Adidas was unwilling to match Nike's offer, according to the Miami Hurricane. Miami entered negotiations from a position of strength after reaching the national championship game.

Rising prices in college apparel market

The market for top-tier college apparel deals has surged. Adidas signed Penn State to a 10-year, $300 million contract on July 1 and agreed to a 10-year, $100 million deal with Tennessee the following day.

No official word yet from university

The university has not formally announced the agreement. The Miami Hurricane reported Wednesday that it reached out to Miami for comment and was awaiting a response. The school's athletics department is operating under interim co-leaders Brian Baptiste and Rachelle Paul after Athletic Director Dan Radakovich retired June 1.

When the Nike switch takes effect

Nike gear will replace the Adidas three stripes when the current contract expires in July 2027, ahead of the 2027 athletic season. The Hurricanes' next game under the current Adidas deal is Friday at Wake Forest at 7:30 p.m. on ESPN.