Over the life of the contract, the Huskies will likely receive north of $125 million in their new sponsorship deal with Adidas.

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University of Washington athletic director Jennifer Cohen appeared before the university Board of Regents on Thursday morning to make a formal presentation of the 10-year sponsorship agreement with Adidas to be the Huskies’ exclusive athletics apparel provider, first reported by The Seattle Times.

The board’s finance committee approved the contract, which is expected to be approved by the full board on Thursday afternoon.

Here are the details of UW’s agreement with Adidas:

— The total value of the agreement is more than $120 million. It’s one of the top-10 richest apparel deals in college athletics.

— Cohen told the regents that, in cash alone, Adidas’ offer was worth almost $20 million more than Nike’s best offer to UW. A source previously told The Seattle Times that Nike was not willing to offer the Huskies more than the 11-year, $88-million extension it gave the Oregon Ducks last fall.

— The Huskies will also receive a $3 million signing bonus from Adidas, to be paid when the contract term begins on July 1, 2019. With guaranteed royalties and potential bonuses, the Huskies could receive more than $125 million by the end of the term.

— Adidas will pay UW an average annual cash fee of $5.275 million (that’s $49.75 million in total through 2028-29). To add context: The Huskies are receiving on average $775,000 annually in cash from Nike in their current deal (which expires in June 2019), so the cash in Adidas deal is worth almost seven times what UW has been getting.

— Adidas will provide UW on average $5.575 million worth of product “for competition” each year. UW will also receive an addition $250,000 annually in product to be used at the athletic department’s discretion.

— UW will also receive on average $1.1 million each year from Adidas to be used for “marketing and development.”

— Adidas will cover the costs of “special use uniforms, footwear and accessories for football, men’s basketball and women’s basketball.”

— UW will receive a minimum of $300,000 in royalties in the first five years of the deal and a 15-percent royalty rate overall.

— Bonuses: Adidas will pay the Huskies $500,000 if the football or men’s basketball team wins a national championship, and $200,000 for a women’s basketball national championship; $125,000 for a College Football Playoff appearance, $150,000 for a men’s basketball conference title, $125,000 for a conference championship in football, and $25,000 for a women’s basketball conference championship (among other potential bonuses).

— Adidas has also agreed to hire two UW students per year as interns as part of its internship program at its Portland headquarters.

— Adidas will pay consultant fees (from two companies, P3 and EXOS) “relating to the development of enhanced sports performance capabilities” for UW athletes.