Texas Tech basketball, head coach Mark Adams agree on 5-year, $15.5-million contract

·3 min read

Texas Tech is trying hard to keep Mark Adams for the long haul.

After accepting the job, and inheriting a skeleton staff, Adams guided the Texas Tech men's basketball team to the Sweet 16 of the NCAA Tournament this past season. Now he's getting a hefty raise.

Tech announced Tuesday that Adams has agreed to a five-year, $15.5 million contract, an extension that takes him through the 2026-27 season.

More: Mark Adams set to ink new Texas Tech contract following run to Sweet 16 in NCAA Tournament

With annual base salaries of $300,000 plus right fees, Adams' total compensation starts at $3 million next season and increases by $50,000 annually — to $3.05 million in 2023-24, to $3.1 million in 2024-25, to $3.15 million in 2025-26 and to $3.2 million in 2026-27.

According to documentation provided by Tech athletics, the 65-year-old coach gets an additional year added to the contract if, during any season over the course of the deal, the Red Raiders win or share the Big 12 regular-season championship, win the Big 12 tournament or make the Sweet 16 of the NCAA Tournament.

He also earns a $200,000 retention bonus if he remains the Red Raiders' coach on May 1, 2023 and every May 1 thereafter.

The deal includes buy-outs for each side. To fire Adams without cause, Tech would owe him 60 percent of the remaining contract value. That could be offset should he have future earnings elsewhere.

Should Adams leave Tech to become head coach of another college or professional team, he would owe the university 25 percent of the remaining contract value.

Texas Tech basketball coach Mark Adams has agreed to a 5-year, $15.5-million contract, Tech announced Tuesday. The contract gives Adams an additional year and a 55-percent raise compared to his previous deal.
Texas Tech basketball coach Mark Adams has agreed to a 5-year, $15.5-million contract, Tech announced Tuesday. The contract gives Adams an additional year and a 55-percent raise compared to his previous deal.

Texas Tech basketball coach Mark Adams reacts to new contract

“I’m very humbled and grateful to President Lawrence Schovanec and Athletics Director Kirby Hocutt for their continued support of myself and our program,” Adams said in Tech's announcement. "I’m proud of the season we had last year and look forward to reaching even higher levels of success as we continue to build this program.

"Texas Tech has always been my destination and I will continue doing everything possible to make this the best program in the nation. I thank God for this opportunity to invest in these young men and to represent Texas Tech.”

Information was not immediately available Tuesday regarding to what extent, if any, the compensation pool for Adams' assistant coaches would change.

Last year, Tech President Lawrence Schovanec and senior associate athletics director Robert Giovannetti said Adams' budget for hiring three assistant coaches was $1.5 million.

The guaranteed pay in Adams' new contract represents a 55-percent increase.

Adams, after he replaced Chris Beard last April, agreed to a five-year, $10-million dollar deal, plus incentives. His annual pay under that contract was scheduled to be $1.9 million in the first year, $1.95 million in the second, $2 million in the third, $2.05 million in the fourth and $2.1 million in the fifth.

USA TODAY: Men's Basketball Head Coach Salaries

After Tech downed Notre Dame in a second-round NCAA Tournament game, Adams received a $50,000 bonus as Red Raiders advanced to the Sweet 16. He finished with $145,000 in bonuses following Tech's loss to Duke.

Adams, who grew up in nearby Brownfield, is a 1979 Tech graduate. He has 581 wins as a head coach.

“We are proud of the success our men’s basketball program had in its first season under Coach Adams,” Hocutt said in Tech's announcement. "Texas Tech basketball is very much a brand at the national level, and that has not changed under Coach Adams’ leadership. We look forward to many more successful seasons under Coach Adams and his staff as we continue to strive to cut down the nets on that first Monday night in April.”

This article originally appeared on Lubbock Avalanche-Journal: Texas Tech basketball, head coach Mark Adams agree on 5-year contract