Many in the NFL media thought an offer and acceptance between the Chargers and Jimmy would come by Tuesday night. Jimmy did meet with the Chargers on Tuesday but reports are he is back in Ann Arbor now. So we don't know what was discussed in the interview and if they're in negotiation or are the Chargers continuing their process.
NFL Reports are a salary in the neighborhood of $18M per from LA and if Jimmy left he would be taking Minter and Jay Harbaugh with him. His OC would be Greg Roman.
Michigan is reported now have an offer out to Jimmy making him the highest paid coach in college football and like the Nike/Jordan contract, it has escalators built in so he is always the highest paid coach (if another coach gets a better contract).