An 8-5 record for a first-time coach was impressive enough for Texas Tech’s brass to pony up more cash. On the eve of the college football season, Texas Tech announced a three-year contract extenstion with head coach Kliff Kingsbury.
“The new deal, which will run through the 2020 season, has a guaranteed total base of $24.2 million. Including this season Tech will pay Kingsbury an average of $3.5 million per year,” sources told FOX Sports’ Bruce Feldman.
Kingsbury’s original contract was slated to end in 2017.
According to Feldman, Kingsbury signed the deal Friday, and it makes him the fourth highest-paid head coach in the Big 12 Conference behind Oklahoma’s Bob Stoops, Baylor’s Art Briles and Texas’ Charlie Strong.
“The deal also affords the charismatic 35-year-old to earn as much as an extra $1.5 million in bonuses each year,” Feldman reported. “Kingsbury can max $34.7 million over the length of the contract.”
Bottom line: This is a preventative measure by Texas Tech.
The school is investing heavily in Kingsbury to keep him in Lubbock long term. Kingsbury is one of the youngest and most exciting coaches in college football. Despite graduating from Texas Tech, there was continued whispers Kingsbury would eventually leave the program for a higher profile program or the NFL. But Kingsbury put those rumors to rest.
“This is where I want to be and I couldn’t be happier,” Kingsbury said in the statement. “I can’t wait to take this thing to the next level.”
A potential departure will be difficult anyhow.
If Kliff Kingsbury leaves #TexasTech for another college job, he owes a range from $3.25M in 2014 down to $2M for leaving in 2020.
— Don Williams (@AJ_DonWilliams) August 30, 2014
If Kliff Kingsbury leaves #TexasTech for an NFL job at any point during the life of the contract, he owes Tech $1.5M.
— Don Williams (@AJ_DonWilliams) August 30, 2014
Texas Tech isn’t simply investing to keep a popular young coach in town. The university is setting up the athletic department for success in the future.
Earlier Friday, Texas Tech athletic director Kirby Hocutt updated numbers to promote the school’s “Campaign for Fearless Champions.” The school has already raised $75 million, but the number is far short of its goal of $185 million.
The school also unveiled plans Friday to continue to fund improvements in 17 sports.
“We want to move as quickly as we can, but we are dependent upon having the funding streams and revenue in place,” Hocutt told the Lubbock Avalanche’s Don Williams. “We will continue to visit with folks about investing into these facilities, and as the opportunity presents itself — from a funding mechanism, from fundraising success — we will move forward.”
As part of the campaign, Texas Tech plans to build onto Jones AT&T Stadium by adding a “three-level south end zone building that can house 30 suites — 15 each on levels two and three — and a Hall of Fame, stadium club and athlete dining hall on the lower level.”
In order to make money, a program has to spend money.
An investment in a talented young coach like Kingsbury is a legitimate step in the school realizing its vision. Kingsbury, meanwhile, must continue to prepare his team for Saturday’s opponent, Central Arkansas. Kingsbury’s extension is certainly a good start to the Reds Raiders’ season.
“There has never been a more exciting time within our football program than now,” Hocutt said. “I am very proud of the program Coach Kingsbury is building and I know our fans are as well. We can’t wait to kick off the season tomorrow night at Jones AT&T Stadium and are looking forward to a bright future.”
