Texas Tech University, which made it to the NCAA National Championship Game this spring, has agreed on new contract terms for Red Raider’s Coach Beard.
The new contract will extend through the 2024-2025 season, paying the coach an average of $4.575 million every year during the contract period.
Texas Tech’s director of athletics, Kirby Hocutt, noted that Beard propelled the team into the highest reaches of college basketball in only three years. He 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. 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.”
As in his last contract, Beard’s base salary remains $300,000 per year. However, the wins this season and his rights fees, he pulled in $3.4 million. The new contract terms make him one of the highest paid college basketball coaches in the country.
The contract includes a variety of incentives such a $750 car allowance per month. Should he get married, he’ll receive another $750 for a second car. He’ll also receive six premium tickets to Texas Tech Football games, eight bench tickets for regular season basketball games and eight tickets for tournament games. He’ll also enjoy memberships in the Texas Club and the Rawls Golf Course as well as a $5 million term life insurance policy.
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Coach Chris Beard, Texas Tech reach new 6-year contract agreement | KCBD