Mike Locksley's Maryland announces 12-year, $98 million contract extension with Under Armour: Reports 

Coach Mike Locksley's Maryland Terrapins renewed their long-running contract with apparel supplier Under Armour on Monday. The new deal will last 12 years and will be worth $98 million to the program.

The deal will award the Terps just over $8 million a year which will represent a $5 million increase from the previous deal signed a decade ago.

The benefits of the deal will outweigh just the cash benefits with student-athletes in the program able to benefit from a NIL collaboration program with the apparel giant when they promote the company on various social media platforms.

The Terrapins became the first college sports team to be supplied by Under Armour when their partnership began in 2004 and the company has provided apparel for all of the program's teams including the club and intramural teams.

The Terrapins deal compares favorably with other lucrative deals including the one that Under Armour has with giants Notre Dame Fighting Irish which has an annual deal worth $10 million as per Yahoo Sports sources.

The program's athletic director Damon Evans said to the Washington Post that the yardstick the Terrapins used to arrive at the amount that was agreed upon with Under Armour.

“We looked at what other institutions were receiving, institutions I felt were like us,” Evans said. “… I’m really excited about the deal that we’ve been able to arrive at with [Under Armour CEO and founder Kevin Plank], and I think it’s one that is going to bode well for the University of Maryland as well as Under Armour.”

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Maryland shares storied history with Under Armour

The Maryland Terrapins have a long, shared history with Under Armour. The owner of the apparel company Kevin Plank was the University's football special team's captain before graduating in 1996.

Plank spoke about the partnership between his brand and his alma mater in an interview with The Financial Times.

"The University of Maryland holds a special place in my heart because it's where our brand was born. We're excited about the next chapter of this partnership which will entail working closely with Maryland's elite athletes and tapping further into the entrepreneurship and innovation hub that exists right in our own backyard," Plank said.

"I commit that myself and Under Armour will do everything we can to give the Terps, and frankly every school we outfit, an advantage with the innovative product we build to help them win," Plank said (Per underarmour.com)

The long partnership between the Terrapins and Kevin Plank appears to have been mutually beneficial throughout their 20-year relationship.