Bill Belichick has not been able to escape rumors about him returning to the NFL even after he took a job as the new head coach at North Carolina, and a new detail that surfaced about his contract will do nothing to quiet the chatter.
Belichick does not yet have a fully executed and signed contract with the University of North Carolina, Jonathan Jones of CBS Sports reported on Thursday. The 72-year-old signed a term sheet proposal with UNC on Dec. 11, which is essentially the contract before the contract.
Jones spoke with multiple sources who are familiar with the college football industry, and all said it is common for coaches to begin work without a final contract in place. The term sheet, which is formally known as a Proposal of Contract Terms and Conditions, outlines the basics of the agreement between the two sides, with the final details still being ironed out.
Belichick’s signed term sheet proposal begins with the following two-sentence paragraph:
“The University proposes to enter into an Employment Agreement with Bill Belichick to serve as the Head Football Coach. It is understood and agreed that this proposal of terms and conditions shall not constitute a binding agreement, and the parties intend to negotiate expeditiously and in good faith to finalize these terms and conditions into a long-form agreement.”
There is certainly an agreement between Belichick and North Carolina. The two sides have reportedly agreed to a 5-year, $50 million contract, with the first three years fully guaranteed. The question is whether the term sheet constitutes a binding legal agreement. More specifically, would Belichick be on the hook for his $10 million buyout if he chose to back out and return to the NFL in the coming weeks?
Belichick has a $10 million buyout until June 1, 2025. The figure drops to $1 million after that. All of the experts with whom Jones spoke agree that the existence of only a signed term sheet between Belichick and UNC could create a “legal gray area” should Belichick decide to jump ship.
According to Belichick’s longtime friend, colleague and UNC general manager Michael Lombardi, none of this matters. Lombardi recently shot down what he said was an erroneous report about the situation in Chapel Hill. He then blasted Jones’ story on Thursday and said the NFL is “not an option” for Belichick.
“Bill is recruiting in DC today and Baltimore tomorrow. His focus is on North Carolina football, hiring staff members and developing the team. The NFL isnt an option so please stop making it one. Thank you,” Lombardi wrote on X.
Bill is recruiting in DC today and Baltimore tomorrow. His focus is on North Carolina football, hiring staff members and developing the team. The NFL isnt a option so please stop making it one. Thank you. https://t.co/Z5sRAcYOCB
— Michael Lombardi (@mlombardiuncgm) January 16, 2025
Belichick has already begun recruiting and impacting the lives of college students. He has visited high schools and met with the families of teenagers. Though he did once write his resignation on a napkin after spending just a day as the head coach of the New York Jets, leaving UNC now would be a horrible look for him.
Of course, there is one high-profile job that unexpectedly became available after Belichick was hired by UNC. That has provided the fuel for most of these rumors, even if they turn out to be nothing but that.
