Kingsburys contract extended through 2020
Texas Tech announced a contract extension for Kliff Kingsbury on
Friday that, beginning in 2015, will likely make him one of the top 25
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highest-paid coaches in college football.
"This is where I want to be and I couldn't be happier," Kingsbury said in a
released statement. "I can't wait to take this thing to the next level."
RedRaiderSports.com obtained a copy of Kingsbury's new deal through an open records request.
Kingsbury's contract now runs through the 2020 season and will pay him $3.1
million starting in 2015. He will receive built-in annual raises through the
life of the contract that will eventually raise his total pay to $4.1 million in
2020.
This new deal comes less than 20 months after Kingsbury signed his original
deal, which would have paid him $2.05 million in 2015. He earned $1.85 million
in 2013, which was second-lowest in the Big 12 ahead of only Iowa State's Paul
Rhoads.
Kingsbury is set to earn $22.9 million in base salary and rights fees through
the life of this new deal, with up to $17.1 million of that being guaranteed if the university terminated him without cause. The contract allows for a maximum of $1.5 million in bonuses per
year.
If Kingsbury decides to accept another coaching position during the life of this
contract, his buyout will depend on whether he leaves for another college
program or for the NFL. His college buyout starts at $3.25 million in 2014
decrease over time until it plateaus at $2 million in 2019. If at any point
Kingsbury leaves for a position in the NFL, his buyout will be $1.5 million.
Kingsbury, university president Duane Nellis and athletics director Kirby Hocutt
signed the contract on Friday, and it was approved by the university's Board of
Regents in a specially-called meeting a few hours later.
Earlier in the day, the university announced a major fundraising campaign -- The
Campaign for Fearless Champions -- that will significantly upgrade athletics
facilities across the campus. Hocutt said Friday that renovations to Jones
Stadium were scheduled to begin following the 2014 season.
The Red Raiders kick off their 2014 season on Saturday against Central Arkansas.
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