We have visited with multiple sources this week to get a sense for how things stand as Texas Tech negotiates a contract extension for Chris Beard. We have heard that both sides are more or less on the same page with the dollar figures and contract length that have been discussed. The major sticking point now seems to be the amount of money needed for Beard to buyout his contract - as you can probably imagine, Texas Tech would like to protect itself with a large buyout and Beard would like to protect himself with a small or non-existent buyout. There still seems to be enough momentum for this to get done sooner than later, but the buyout issue will need to be worked through first.
For the sake of comparison, Kansas' Bill Self and Kentucky's John Calipari do not have contract buyouts. Jamie Dixon has, as we have all learned following his flirtation with UCLA, an $8 million buyout. Tennessee's Rick Barnes had a $5 million buyout in the deal he operated under this season, but I'm not sure if that changed at all in his new deal. Beard's current contract includes a $3.1 million buyout (which doubles were Beard to leave for a program inside the Big 12).
You can also expect to see Texas Tech commit to an increased budget for staff and assistant coaches as well as one or two marketing specialists dedicated solely to the men's basketball program.
Do I think a deal will happen? Yes. Do I think Beard's annual salary will exceed $4 million? Yes. Is it possible that Beard's annual salary gets close to $5 million? It wouldn't surprise me at all.
We will pass along anything new as we hear it.
Monday, 1:59 p.m.: Based on what we are hearing, negotiations between Texas Tech and Chris Beard are trending strongly in the direction of a deal being announced within the next 72 hours. No details yet, but certainly good news for Red Raider fans.
For the sake of comparison, Kansas' Bill Self and Kentucky's John Calipari do not have contract buyouts. Jamie Dixon has, as we have all learned following his flirtation with UCLA, an $8 million buyout. Tennessee's Rick Barnes had a $5 million buyout in the deal he operated under this season, but I'm not sure if that changed at all in his new deal. Beard's current contract includes a $3.1 million buyout (which doubles were Beard to leave for a program inside the Big 12).
You can also expect to see Texas Tech commit to an increased budget for staff and assistant coaches as well as one or two marketing specialists dedicated solely to the men's basketball program.
Do I think a deal will happen? Yes. Do I think Beard's annual salary will exceed $4 million? Yes. Is it possible that Beard's annual salary gets close to $5 million? It wouldn't surprise me at all.
We will pass along anything new as we hear it.
Monday, 1:59 p.m.: Based on what we are hearing, negotiations between Texas Tech and Chris Beard are trending strongly in the direction of a deal being announced within the next 72 hours. No details yet, but certainly good news for Red Raider fans.
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