Kansas City outfielder Bo Jackson announced yesterday in a press conference in Auburn, Ala., that he has agreed to contract terms to play football for the Los Angeles Raiders after the Royals finish their season.

Agent Richard Woods said the NFL contract, reported to be a five-year deal valued at $2.6 million (including a $1 million signing bonus and a $300,000 rookie salary), will be signed in several days.

Jackson last year spurned the Tampa Bay Buccaneers, who made him the NFL's No. 1 draft pick. Jackson said yesterday, "I didn't have the opportunity last year that I have now. I think I'll only have this chance once in my life and I want to go after it."

Asked if he plans to quit baseball and devote all his energies to football, Jackson said, "Not in this life."

Woods said the contract calls for Jackson to report to the Raiders two weeks after the Royals' season ends and to play for the AFC team two weeks later -- about the midway point of the NFL season. "I've had the same type of schedule since I was in ninth grade," Jackson said.

Raiders Coach Tom Flores said, "We feel that if anybody has the ability to play both sports, he is the person." . . .

Fullback Randy McMillan will use the Indianapolis Colts' training facility as part of his rehabilitation from an April auto accident, McMillan and Colts owner Robert Irsay announced.

Irsay said the Colts, looking to assist McMillan during his rehabilitation -- and to avoid legal impediments and any potential claims -- worked out the agreement in consultation with McMillan, his agent, the NFL Management Council and the NFL Players Association.

Irsay said that during his rehabilitation, McMillan will assist the Colts' public relations staff and help analyze film of opponents.

McMillan said he will come to Indianapolis in about three weeks. He said he looks forward "to a complete recovery and participating in at least part of the Colts' 1987 season."