No. 5 Texas Tech extends McGuire with 7-year deal

Amid a historic season at Texas Tech, the school announced on Tuesday that it has agreed on a new seven-year contract with coach Joey McGuire.

Sources confirmed to ESPN's Pete Thamel that the new deal averages nearly $7 million per year. The school said it also includes incentives for future Big 12 and postseason success.

Under McGuire, the Red Raiders are No. 5 in the College Football Playoff ranking, having completed an 11-1 regular season with each win coming by at least 20 points. Texas Tech is making its first Big 12 championship appearance against BYU on Saturday in Arlington, Texas.

"We believe the future of Texas Tech Football has never been brighter under Coach McGuire's leadership," athletic director Kirby Hocutt said in a statement. "Our success this season is not a one-year plan. We fully intend to be an annual contender in the Big 12 Conference with our eyes on the College Football Playoff each and every season. We have the right leader in Coach McGuire to keep elevating this program, and this contract extension is a reflection of our investment in sustaining this success for years to come."

McGuire is 34-17 in four years in Lubbock, tied for the most wins by a Texas Tech coach through that span since Jim Carlen from 1970 to 1973.

"I couldn't be more thankful for Kirby Hocutt and our administration for the belief in this football program," McGuire said in a statement. "I've said it countless times but my family and I love Lubbock, this university and this fan base. We expect to continue to elevate this program where appearances in the Big 12 title game, like this Saturday, and the College Football Playoff are expected on an annual basis."

Yahoo Sports first reported terms of McGuire's extension.