LUBBOCK, TX (KCBD) - Texas Tech University and Men’s Basketball Coach Chris Beard have reached a new six-year contract agreement, this after the Red Raiders made it to the NCAA National Championship Game.
Beard’s new contract will go through the 2024-2025 season and will average $4.575 million annually.
“In only three years, Chris Beard has elevated Texas Tech to the upper echelon of college basketball,” Kirby Hocutt, Tech’s director of athletics said. “The 2018 Elite Eight, and this year’s appearance in the National Championship game has raised the entire profile of Texas Tech Athletics and is a source of great pride for all Red Raiders. I am appreciative of the continued loyalty and personal commitment that Chris has made to continue to lead our program into the future. He is widely respected as one of the best coaches in the nation and I could not be more excited that through various resources, we have been able to invest into our basketball program at one of the highest levels in the nation.”
This season Beard was named the AP Coach of the Year and won the Big 12 Coach of the Year award for the second year in a row.
As with Beard’s last contract, his base salary remains $300,000. With the wins this season, his rights fees, among other things, he made $3.4 million. This new contract now puts him on the list of highest paid coaches in college basketball.
According to a list compiled by USA Today, Beard will be one of the top five highest-paid coaches in college basketball. Other coaches in the top spots are John Calipari with Kentucky, who makes more than $7.95 million annually; and Mike Krzyzewski with Duke, who makes more than $7 million annually.
“Thank you to President Schovanec, Kirby Hocutt, Tony Hernandez, Chancellor Mitchell and the Board of Regents for making this strong commitment to both me and our men’s basketball program,” Beard said. “Thank you to our players and staff, both former and current, for your commitment to winning. Special thanks to our fans and our students for your incredible support and passion. Together we have accomplished some great things in the past three years but we are not satisfied and will continue working tirelessly to build one of the best college basketball programs in the nation.”
Other incentives in Beard’s contract include $750 monthly in a car allowance. If he were to marry, he would receive an additional $750 for a second car. He receives six premium tickets to Texas Tech football games, eight tickets behind the bench for basketball games, and eight tickets for any tournament games (both NCAA and preseason) for use at his discretion.
Coach Beard also receives membership in the Texas Tech Club and the Rawls Golf Course. The university also has paid a $5 million term life insurance policy for Beard.
The contract was signed by Beard, Hocutt and Schovanec on Monday, April 22 with an effective date of April 1.
SEE FULL CONTRACT BELOW: