FAYETTEVILLE — Arkansas completed its employment agreement with Arkansas coach Bret Bielema and released the contract Wednesday morning.

The agreement — which was completed late last month — will pay Bielema $2.95 annually and runs through the 2018 football season.

Most of the key details of the employment agreement were previously outlined in the letter of agreement, which Bielema signed last December.

It includes lucrative buyout terms, which stipulate Bielema would be owed $12.8 million if he were dismissed during the first three years of the deal. It drops to $9.6 million in 2016, $6.4 million in 2017 and $3.2 million in 2018, the final year.

On the other hand, Bielema would owe the school $3 million if he chooses to leave within the first year of his deal. The buyout drops $500,000 each year through the remainder of the contract. It is $500,000 in the final year of the contract

Bielema’s contract also includes a no-compete clause, which prohibits Bielema from leaving for another Southeastern Conference program.

Bielema can earn up to $700,000 annually in incentives. The list of incentives include performance-based bonuses like $350,000 for winning a national title, $300,000 for a title game appearance, $100,000 for an SEC title, and $150,000 for a non-title Bowl Championship Series game. There are academic-based incentives, too, like $100,000 for academic performance rate and graduation rate success.

Bielema also can receive additional “private compensation” for conducting a summer football camp on an in campus facilities. He receives a skybox suite with 12 tickets for all home football games and 20 additional complimentary tickets for home games. The employment agreement includes two loaned vehicles from the university and memberships at The Blessings golf club and Fayettville Country Club.

— Robbie Neiswanger • Arkansas News Bureau