North Carolina and football coach Bill Belichick have made it official, releasing a signed employment agreement Thursday that could end the swirling speculation about the legendary NFL coach returning to the league this off-season.

The school released a term sheet at the time of Belichick's hiring that laid out many of the contract's highlights — a five-year deal worth $10 million annually with the first three years guaranteed and a $10-million buyout if Belichick were to leave before the end of May.

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But some media reports have used the absence of a signed employment agreement as a sign that Belichick could return to the NFL or that it might be difficult for UNC to collect the buyout if Belichick did leave before coaching a game.

"Coach Belichick is a legend and one of the greatest football coaches of all time," UNC Chancellor Lee Roberts said Thursday at a Board of Trustees meeting. "He's a leader who understands the game better than anyone. We've entered a new era of college football, and Coach Belichick is the right person to lead our team as we navigate this exciting and novel time."

Belichick won six Super Bowls as head coach of the New England Patriots. He last coached in the NFL during the 2023 season.

Belichick said during his introductory press conference that "I didn't come here to leave" when asked about returning to the NFL. UNC general manager Michael Lombardi, who has served as a spokesperson for Belichick and the program since the hire, has repeatedly said Belichick is not leaving.

"Put away all that nonsense about, yeah, we're going to go back into the NFL," Lombrdi said Thursday on the Pat McAfee Show. "Can we kill that once and for all? I got a big shovel out this morning and I buried that."

Belichick's buyout drops to $1 million after June 1, but that is well after NFL teams typically hire.

The deal includes additional compensation for competitive and academic performance.

UNC opens its season Aug. 30 against TCU. The Tar Heels announced Belichick's first recruiting class — 17 transfers and four high school recruits — on Wednesday.

Belichick could earn an additional $2 million in bonuses for leading the Tar Heels to a national championship based on CFP and poll incentives, according to terms of the signed contract.

The agreement was signed on Jan. 23 by several UNC officials.

READ: Bill Belichick's contract with UNC

Some highlights of the contract:

Base salary: Belichick's base salary is $1 million annually, but he will also receive $9 million per year in supplemental compensation. UNC does contracts like to protect itself in case of a firing. It would only owe base salary, not total salary, for years remaining on the deal.

Bonuses for victories: Belichick can earn bonuses for each regular-season victory at eight ($150,000), nine ($200,000), 10 ($250,000), 11 ($300,000) or 12 ($350,000). The bonuses are not cummulative. He would be paid only at the highest level.

He would get $200,000 for reaching the ACC title game or $300,000 for winning the championship game.

The contract includes a $150,000 bonus for reaching a non-College Football Playoff bowl game or $350,000 bonus for going to the Pop-Tarts, Gator or Duke's Mayo bowls.

If UNC reaches the College Football Playoff, Belichick could earn $750,000 (participant), $1 million (quarterfinal appearance), $1.25 million (semifinal appearance), $1.5 million (title game appearance) or $1.75 million (title game winner). If UNC is ranked in the final CFP poll, Belichik could each up to $500,000 in bonuses.

Perks: Belichick receives $100,000 in moving and relocation expenses, up to $7,500 for use of a leased vehicle, including insurance, maintenance and operating costs, and a membership to Chapel Hill Country Club. He also will receive $100,000 as an annual expense allowance for "entertainment and other appropriate purposes to advance the program.'

Tickets: Four tickets and access to 10 more for all football games, including postseason or bowl games; four tickets to all home sporting events; and access to a suite at all home football games.

A say in scheduling: Belichik and athletics director Bubba Cunningham "shall mutually agree" on the program's schedule