Texas Tech and Chris Beard agreed to a 6-year extension following the school's run to the NCAA championship game.
Beard's annual salary of $4.575 million makes him the 4th highest-paid coach in college basketball.
Beard was named the AP National Coach of the Year for this past season.
"Thank you to our players and staff, both former and current, for your commitment to winning. Special thanks to our fans and our students for your incredible support and passion. Together we have accomplished some great things in the past three years but we are not satisfied and will continue working tirelessly to build one of the best college basketball programs in the nation," said Beard in a statement.