Texas Tech coach Chris Beard ranks in the top-30 highest paid coaches in the country with a $2.8 million salary, per USA Today. Texas Tech announced in 2018 that Beard signed a six-year contract extension worth $19,050,000 and makes the Red Raiders coach locked up through the 2023-24 season.
As college basketball fans know, this does not mean Beard cannot take another job before 2024. According to USA Today, Beard has a $12.3 million buyout. Texas Tech athletic director Kirby Hocutt has gone on the record saying he wants to upgrade Beard’s contract when the season ends. Beard will earn a $750,000 bonus if he is with Texas Tech next season, per the Orange County Register.
“It would be my intention to be able to have that conversation Tuesday or Wednesday,” Hocutt said, per Whole Hog Sports. “And Chris and I have talked about this. I would say out of our focus and Coach Beard’s focus and commitment to this team and this season, we decided to hit the pause button until the season is over. I’m extremely confident that Texas Tech is a great basketball job. I’m extremely confident that we have the right coach, one of the best coaches in the country leading our program right now.”
Whole Hog Sports reported that Arkansas is one of the schools that would like to talk with Beard about their coaching vacancy once the season is over. UCLA is another school looking for a head coach who could have interest in Beard.
Beard Earned a $100,000 Bonus for Making the Final Four
USA Today’s Steve Berkowitz reported Beard earned an additional $100,000 for making the Final Four to give the Texas Tech coach a total of $600,000 in bonuses this season. This is in addition to Beard’s $2.8 million salary for the 2018-19 season.
“Texas Tech reaches men’s Final Four for the first time by beating Gonzaga. This gives coach Chris Beard a $100,000 bonus and puts him at $600,000 in bonuses so far,” Berkowitz tweeted.
Beard has earned a series of bonuses throughout the NCAA tournament as Larry Brown Sports detailed.
Beard also received $75K for reaching the Elite Eight; $50K for reaching the Sweet 16; $25K for winning the team’s first-round game; and $50K for receiving an at-large berth into the tournament. He’s banked $300,000 in bonuses alone this tournament.
Some of Beard’s other bonuses came from being named Big 12 Coach of the Year ($25K) and being ranked in the top 10 of the final AP poll ($25K). It pays to be a great coach.
Beard’s current contract is a serious upgrade from his $230,000 salary at the University of Arkansas at Little Rock.
Beard Took the Texas Tech Job Less Than 3 Weeks After Accepting the UNLV Job in 2016
Back in 2016, Beard agreed to a five-year contract worth $900,000 per season with UNLV. Less than three weeks later, Beard accepted the Texas Tech position.
“Coach Beard has informed me he intends to pursue the men’s basketball head-coaching job at Texas Tech,” UNLV athletic director Kunzer-Murphy said, per ESPN. “This unprecedented move is extremely disappointing to the president and I, for our program and to our fans. Our search process allowed us to develop a deep pool of qualified candidates, from which we will select a great coach who really wants to be here and who will honor his commitments in leading the Runnin’ Rebels.”