The contract is only guaranteed for the first three seasons of the five-year deal. If Belichick elects to opt out before June 1st amidst rumours of drawing potential NFL team interests, he will owe the school $10 million.
Anytime after the first season that he wishes to opt out, he will owe $1 million to the school. Starting on January 1, 2028, the school also holds the right to fire Belichick at any time during the final two years of the contract without pay.
However, there is, indeed a flurry of bonuses included that could benefit Belichick. The first is a player grade-point-average incentive that will start the coach at $50,000 for reaching a certain team GPA. This can rise to more as the team's cumulative GPA also rises.
The second are little things. He will also be given a car, a pass to the Chapel Hill Country Club, a suite at all home and away games, and an additional $100,000 in relocation fees covered.
As for football bonuses, the main focus, an eight-win season earns Belichick another $150,000, but he could earn an extra $500,000 with each win over the first eight.
If the Tar Heels win the ACC, Belichick will receive an additional $300,000. Going a step further and making the College Football Playoffs will award him a fat $750,000 check.
Leading the team to the CFP quarterfinals will award Belichick an extra million and a possible $250,000 for every game won during and after that. Even if UNC doesn't win the Championship, just making the big dance will earn Belichick an extra $1.75 million.