I have a copy of Chris Beard's contract and am reading through it right now. I'll add to this thread, but here's what you all want to know:
... If Texas Tech terminates Chris Beard without cause (i.e. if he doesn't win enough and the Red Raiders want to replace him) the university would owe him 85 percent of the remaining compensation due in his contract. There is offset language here, so Texas Tech would be off the hook for some of it if Beard gets another coaching job.
... If Beard leaves for another college coaching job in the Big 12 or the state of Texas, his buyout starts at $6 million through March 31, 2020 and decreases by $1 million every year. So it's $5 million if he leaves between April 1, 2020 - March 31, 2021, etc.
... If Beard leaves for another college coaching job outside of the Big 12 or the state of Texas, or if he leaves for an NBA job, his buyout starts at $3 million through March 31, 2020 and decreases by $500,000 every year. So it's $2.5 million if he leaves between April 1, 2020 - March 31, 2021, etc.
... Here's the kicker: The buyout numbers are reduced in half if Kirby Hocutt is no longer Texas Tech's athletics director.
... Chris Beard's base compensation will start at $4.2 million in 2019-20 and rise by $100,000 annually. He'll make $4.3 million in 2020-21, $4.4 million in 2021-22, $4.5 million in 2022-23, $4.6 million in 2023-24 and $4.7 million in 2024-25.
... Beard's deal will automatically extend by one year if the Red Raiders reach the NCAA Tournament three times during the term of the contract. His base compensation would be $4.8 million for that 2025-26 season.
... Beard will receive a $750,000 retention bonus if he's Texas Tech's head basketball coach on Sept. 1, 2020.
... The deal was signed by Beard, Hocutt and Lawrence Schovanec last week -- Monday, April 22.
... If Texas Tech terminates Chris Beard without cause (i.e. if he doesn't win enough and the Red Raiders want to replace him) the university would owe him 85 percent of the remaining compensation due in his contract. There is offset language here, so Texas Tech would be off the hook for some of it if Beard gets another coaching job.
... If Beard leaves for another college coaching job in the Big 12 or the state of Texas, his buyout starts at $6 million through March 31, 2020 and decreases by $1 million every year. So it's $5 million if he leaves between April 1, 2020 - March 31, 2021, etc.
... If Beard leaves for another college coaching job outside of the Big 12 or the state of Texas, or if he leaves for an NBA job, his buyout starts at $3 million through March 31, 2020 and decreases by $500,000 every year. So it's $2.5 million if he leaves between April 1, 2020 - March 31, 2021, etc.
... Here's the kicker: The buyout numbers are reduced in half if Kirby Hocutt is no longer Texas Tech's athletics director.
... Chris Beard's base compensation will start at $4.2 million in 2019-20 and rise by $100,000 annually. He'll make $4.3 million in 2020-21, $4.4 million in 2021-22, $4.5 million in 2022-23, $4.6 million in 2023-24 and $4.7 million in 2024-25.
... Beard's deal will automatically extend by one year if the Red Raiders reach the NCAA Tournament three times during the term of the contract. His base compensation would be $4.8 million for that 2025-26 season.
... Beard will receive a $750,000 retention bonus if he's Texas Tech's head basketball coach on Sept. 1, 2020.
... The deal was signed by Beard, Hocutt and Lawrence Schovanec last week -- Monday, April 22.
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