August 29, 2014

Kingsbury's 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 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." 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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