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.

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Belichick, 72, was hired as Hall of Fame coach Mack Brown's replacement after the Tar Heels finished the season at 6-7 with a bowl loss to UConn. Brown, the winningest coach in program history, led UNC to six straight bowl appearances in six seasons.