Texas and Michigan, whose only previous meeting was in the 2005 Rose Bowl, have agreed to a two-game deal to play in 2024 and 2027.
The schools announced the home-and-home series on Wednesday. The first game would be in Ann Arbor, Michigan.
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The series matches two of the winningest programs in NCAA history. Michigan ranks first with 912 victories, while Texas is third with 876.
Texas won the 2005 Rose Bowl 38-37 on a field goal on the final play of the Longhorns' first appearance in a Bowl Championship Series game. Quarterback Vince Young, who accounted for 372 total yards and five touchdowns against the Wolverines, led Texas to the national championship the next season.