Well, no. Harbaugh is going to have to win more than one national championship to be worth as much as Saban or Meyer, and to be ranked at their elite level.
So far, he's just another very good coach in the college ranks. So far, you're wrong.
p.s. I don't disagree with you about salary. I'm sure Michigan paid no more than they felt they had to, to land him. From a supply and demand perspective, it makes sense. But now that the decision is made, it will have to be proven correct. And at $9M/year, only multiple championships will prove the wisdom of that decision.