For what it's worth; if you are just curious about "What part of your life you are signing away", you can go to the academy website and read the part on "Obligation". Definitely contact the academy so they can email or snail mail you the "Official" copy. Basically, you probably know what you are signing away.
1. Maintain your gpa and you won't get academically dismissed. (Remember, this is a 4 year school. There is no 5th year except for extenuating circumstances where you might have had to leave for a semester or two). There is some summer school for catching up, but the best thing to do is to maintain your 2.0 or higher gpa.
2. Anytime in the 1st two years, you can decide that the academy isn't for you and elect to leave. Of course, the academy has invested a lot into you, so they are going to want to counsel you extensively in the hopes of helping you with whatever issues you have, and hopefully retaining you. Remember, they DON'T WANT YOU TO FAIL AND LEAVE. They wouldn't have selected you in the first place.
3. If you do leave prior to beginning your 3rd year; best of luck to you. You're free to go on with your life. However, if you leave in the 3rd or 4th year of your own choosing or for academic reasons, then you will owe the military a certain amount of time on active duty as an enlisted person. Ranges between 2 and 4 years depending on when you got out of the academy.
4. If you are administratively released from the academy because of disciplinary actions or because of similar "Bad things"; the academy can proceed to be "Reimbursed" by you for what they've spent on you at the academy. This however is rare to almost never. But it is still a possibility. You'd have to really screw up. On the lines of "Legal" issues and reasons.
5. After successfully graduating, you will be commissioned as a 2nd Lieutenant. At which time you will owe 5 years of active duty service as payment "Lack of a better word" for the 4 year $400,000 education they gave you. After which, you are free to leave via a discharge or pursue a re-enlistment and longer career.
This is the basics of your commitment to the academy/air force, and their commitment to you. Basically, when you and/or your parents/guardian signs the appointment acceptance, you are saying that you understand your responsibilities and obligations. If you need detailed information, definitely contact the academy admissions office/counselor.
Remember, the academy understands that even though you may "Understand" fully all the details, you can't be expected 100% to fully appreciate the reality of the academy and the commitment it entails. My son grew up in a military house most of his young life. He say me in uniform every day; saw me go off to the middle east for months at a time; understood my OBLIGATIONS; yet he still wasn't/isn't 100% understanding of the commitment. That is why they allow you, after counseling and exploring all options, to leave the academy with no commitment whatsoever. So long as it's done PRIOR to 1st day of the start of your 3rd year.
Anyway, I hope this is of some use to you or others who may wonder what the "Basic" commitments and obligations are for someone accepted to the air force academy. Definitely contact the academy counselors for detailed information. Or, if I find the page; "You learn to keep a copy of EVERYTHING in the military"; I will try and post a PDF of it for those interested. Good luck.... Mike.....