LUBBOCK - Texas Tech has approved the contract of new football head coach Matt Wells and his staff.
It's a six-year deal worth $18.8 million that runs through 2024. That’s an average of more than $3 million per year. Texas Tech will also pay $800,000 for Wells to buy out his current contract with Utah State.
The deal includes $3.3 million for Wells to hire assistant coaches, and Wells can earn more than $1 million per year in bonuses if the Red Raiders play well.
For Wells to buy out the contract from Texas Tech, he would have to pay 20 percent of the remaining value. For Texas Tech to buy out the contract from Wells, the university would have to pay 70 percent of the remaining value (mitigated by all future earnings at or above market rate).
Tech regents discussed the contract Thursday afternoon behind closed doors. Regents must give their approval to contracts over a certain value.
Regents also signed off on new offensive coordinator David Yost and defensive coordinator Keith Patterson receiving three-year contracts that pay identical amounts of $600,000 each year
Wells takes over after Kliff Kingsbury was released from his contract at the end of the 2018 season.