Just over a month after being officially introduced as North Carolina’s new head football coach at a press event, Bill Belichick has officially signed his contract with the university.

Belichick finalized the agreement on Wednesday, with the details made public on Thursday.

The veteran NFL coach, who led the New England Patriots to six Super Bowl titles over a 24-year career, surprised many in the football community when he accepted the position with the Tar Heels back in December. At 72 years old, this marks his first foray into college coaching.

This unexpected pairing has raised questions about Belichick’s commitment to North Carolina and the possibility of him returning to the NFL if the right opportunity arises. Speculation grew when it was revealed that he hadn’t signed the contract yet, despite having completed a term sheet with the university.

Now that he has officially signed, what does his contract entail?

Here’s a breakdown of Belichick’s contract with North Carolina:

Details of Bill Belichick’s Contract

Belichick entered into a five-year agreement with North Carolina, although only the first three years are guaranteed.

He is set to receive an annual base salary of $10 million, and like many coaching contracts, it includes performance-based bonuses that could greatly augment his earnings if his teams perform well as the university hopes they will.

Belichick’s contract features:

• Incentives based on win totals, including a $150,000 bonus for winning eight regular-season games and $350,000 for winning 12 regular-season games.
• A $200,000 bonus for reaching the conference championship game, increasing to $300,000 if the Tar Heels win it.
• A $750,000 bonus for qualifying for the College Football Playoff, which rises to $1.75 million for winning the national championship.
• A $250,000 bonus for finishing in the top 25 of the final College Football Playoff rankings, doubling to $500,000 for a top-five finish.
• A $150,000 bonus for participating in a bowl game, which increases to $350,000 if it’s a “non-CFP Tier 1/elite bowl game,” such as the Pop-Tarts Bowl, Gator Bowl, or Mayo Bowl.
• A $100,000 bonus for earning ACC coach of the year honors and a $250,000 bonus for being named national coach of the year.
• A yearly expense allowance of $100,000.

Since 1998, North Carolina has only achieved 10 or more wins on one occasion. The team has competed in two ACC championship games, both of which they lost to Clemson, and has ranked in the top 25 of the final College Football Playoff selections twice, in 2015 and 2020.

Bill Belichick’s Buyout Clause

If Belichick decides to terminate the contract before June 1, 2025, he will owe North Carolina $10 million. This buyout amount reduces to $1 million if he leaves on or after that date.