LUBBOCK, Texas – A Texas Tech spokesperson confirmed Friday that Texas Tech men’s basketball coach Grant McCasland has signed a six-year, $18.15 million deal that runs through the 2028-29 season.

McCasland will receive $2.9 million in the first year of the deal, with $50,000 in annual increases that will reach $3.15 million in the final season.

According to the contract, Texas Tech will pay North Texas $750,000 to buy out the remainder of McCasland’s contract.

The contract has multiple bonus opportunities that are capped annually at $500,000:

-Big 12 Championship (Reg Season): $75,000
-Big 12 Tournament Championship: $50,000
-NCAA Tournament (cumulative):
Round 1 (not First Four) Appearance: $50,000
NCAA Round 2 Appearance: $50,000
NCAA Sweet 16 Appearance: $50,000
NCAA Elite 8 Appearance: $50,000
Final Four Appearance: $75,000
National Championship Win: $150,000
-Final Ranking (USA Today Coaches or AP Poll):
Top 25: $10,000
Top 10: $25,000
-Big 12 Coach of the Year (AP or Coaches): $20,000
-National Coach of the Year (Naismith): $40,000
-APR (non-cumulative, beginning w/ 2023-2024 official data):
Annual APR – 950-970: $10,000
Annual APR 971+: $20,000

Texas Tech’s buyout portion of the contract , if they were to fire McCasland for performance, would require the university to pay McCasland 70 percent of the remaining value of his contract. The amount would be offset by any future subsequent earnings with a future employer during the terms of his Texas Tech contract.

If McCasland were to leave before completing his contract, he would owe 40 percent of the remaining value of the deal.