Notre Dame athletic director Jack Sw

arbrick assembled the media Tuesday to make a “major announcement” for his athletic department.

The announcement was not that Swarbrick is a fan of Ferris Bueller, whom Swarbrick quoted within the first two minutes of the news conference, but rather that Notre Dame officially has inked a 10-year athletic apparel deal with Under Armour. Swarbrick called it the "largest deal of its kind" in collegiate athletics.

"To quote the great American philosopher Ferris Bueller: 'Life moves very fast,’ ” Swarbrick said. “You better be careful or you miss it. That has never been more true of our industry. … College sports is in a period of change unlike any of us has ever lived through.”

Part of that change for Notre Dame was ending its previous partnership with Adidas and switching to the Maryland-based company effective July 1. Swarbrick declined to give financial details but Michigan’s agreement with Adidas, which is for a reported $8.2 million annually, is believed to be the largest known deal.

“Notre Dame is rich in tradition; what we are not as rich in is an entrepreneurial culture. For us to marry our tradition with one of the great entrepreneurial stories in recent times in this country is exciting. I think it will impact our culture in direct ways, make us more creative, more inventive and allow us to move more quickly.”

Swarbrick said the contract includes stock options for Notre Dame and does not include any signage for Under Armour in Notre Dame’s stadiums and arenas.

Shortly after Swarbrick’s news conference with Under Armour CEO Kevin Plank, Under Amrour’s stock was up 3.49 percent to $84.85 per share.

“I’ve done a lot of (traveling) this month and in every venue and in every airport, Under Armour has been there,” Swarbrick said.