Ever since Bill Belichick agreed to become the next coach of the North Carolina Tar Heels, questions regarding whether he would return to the NFL have surrounded him. Many have pointed to his buyout clause with UNC: $10 million if he terminates his employment with the school before June 1, 2025, but only $1 million after that date.

Would Belichick himself write that check, having made more than $20 million in each of his final seasons with the Patriots? Or would the owner of the multibillion-dollar NFL franchise hiring him consider it the cost of doing business?

Presently, there is not a fully executed and signed contract between Belichick and UNC, sources toldn Jonathan Jones of CBS Sports -- and the school confirmed -- this week. Industry sources say that could create to a legal gray area about how much, if any, of a buyout would exist if Belichick left for the pros.

Belichick signed a term sheet proposal with UNC on Dec. 11. That laid out the basic and somewhat typical terms for a high-level college football coach. A gap of multiple months between the signing of a term sheet and a final contract being executed is common in the college ranks, industry sources said.

A day later, at his introductory press conference, Belichick was asked about fears people may have of him leaving UNC for the NFL.

"I didn't come here to leave," Belichick said to applause from the North Carolina faithful in attendance.

The term sheet Belichick signed is known officially as a Proposal of Contract Terms and Conditions. It begins with a two-sentence paragraph that, as one NFL source with a legal background put, is "consequential" to the question of what will or won't be legally enforceable.

"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."

Belichick and Nate Knuffman, UNC's vice chancellor for finance and operations, signed the term sheet; however, that four-page document declares it does not constitute a binding agreement. A UNC spokesperson confirmed Wednesday the term sheet is the only signed document between Belichick and the school.

Industry sources agree it is typical at the collegiate level for coaches to begin working without a fully executed contract. Indeed, the UNC spokesperson said that the school has "had coaches coach here for a year before they had an actual contract."

"It's not unusual to sign [a term sheet] and then have the full contract take a while," said an agent who works with coaches in the pros and college. A second coaching agent, who also works with both college and pro coaches, confirmed as much: "Schools drag their feet like crazy, and I don't know why."

All sources contacted for this story agreed: Should Belichick leave without paying a buyout, a legal dispute of some sort would likely take place for either all or part of the $10 million.

The term sheet calls for a five-year contract worth $10 million annually with the first three years guaranteed. It lays out the bonus structure for wins, postseason performance, academics and coaching accolades. It also includes the usual terms surrounding benefits for head coaches like courtesy cars, relocation expenses and outside income.

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