There is no "contract" but you are liable for training costs that slide to zero in 18 months. Most upgrade before 18 months and the contract goes away. Send a resume' and if it looks good you'll get an application for pilot employment. AF is hiring agressively and will be 7on/7off by early spring '08.
47E's start arriving late spring '08, GROB arrives in late'08 or early '09 depending on certification.