The formal contract, signed by Belichick on Wednesday and approved by the school, outlines a slew of bonuses and perks for the 72-year-old first-time college coach.

North Carolina football coach Bill Belichick and school officials have signed his official employment contract, formalizing last month's hiring after speculation that the six-time Super Bowl-winning head coach might opt instead for a return to the NFL.

Per CBS Sports: “Sources tell CBS Sports — and UNC confirmed this week — that there is no fully-executed and signed contract between Belichick and UNC. And industry sources say that could lead to a legal gray area about how much, if any, of a buyout there would be if Belichick left for the pros.”