I have no idea how it works now but back in the day I was a "Two-year wonder" in AFROTC.

I skipped the first two years of ROTC, but started the application process at about the same time you are now. I had all my ducks in a row so that by the summer after my sophomore year I could go to "camp" for 6 weeks and enter upper-level ROTC when I got back.

Back then you got physically qualified for a pilot slot but they sent you to camp on a nav slot, and based on your performance there (and grades, AFOQT score, etc) you competed for a pilot slot with everyone else. I got my pilot slot before I started my junior year, so I had some motivation to continue!

As far as risks, there aren't really any I see unless you are on a scholarship and totally bomb your grades. I never was on scholarship, but we had one guy who was on a 4-year scholarship, flunked out (of Arizona State!) his junior year and got sent to basic training to serve out his commitment. Yeah you sign a contract to join the upper-level ROTC but I never saw anyone pressed on that unless the gov't had already shelled out a bunch of cash on them.

Again, this was years ago and I'm sure things have changed. Go talk to the people in your ROTC office. They can tell you what the pilot slots look like for your year group and what it takes to be competitive. They want to bring the best people on board so they should be very helpful.

Good luck!