If Contract term is greater than 12 months - opportunity formula

Hi SF Community,

I'm creating a formula to calculate an annualized or co-terminus (12 months of less) bookings amount on the opportunity but am having trouble calculating the IF statement logic, see below 

IF(Contract_Term_of_Yrs__c > 13,PEPM_Formula__c * Total_EEs_Live_Opportunity__c, , value_if_false)

I know, im missing something but for annualized amount it's (12*PEPM*Total EE live opportunity) but if Contract term is greater than 12 months, I want it to default to 12. Anyone have experience with this?