When Chris Beard signed to be the men’s basketball head coach three years ago, he promised in his introductory news conference to take the basketball team to the Final Four for the first time.
In the process of accomplishing this and several other feats this season, Beard will receive many bonuses for his achievements.
“I want to do what Coach (Marsha) Sharp did here. I want to take a team to the Final Four,” Beard said in his introductory press conference, according to Tech Athletics. “I want to do what some of the great coaches in the tradition of this program have done take teams to the NCAA Tournament.”
The Red Raiders won the regular season Big 12 title, finished in both the Associated Press Top 25 and Top 10 and worked their way through the NCAA Tournament, winning the West Region to earn a Final Four appearance.
Initially, Beard gets $300,000 a year as a base salary, according to the contract, and in 2018-19 he will receive $2.5 million for “rights fees for outside athletics-related income,” according to the contract.
With the supplemental income, or bonuses, in his contract signed in 2018, the head coach already has earned $600,000. However, because of a supplemental agreement, Beard taps out at $500,000 in bonuses, according to the contract.
This year was the first year the men’s basketball team won the regular season Big 12 title, being the first year Beard gets a $250,000 bonus, according to the contract.
After the team finished at the No. 9 spot in the Associated Press Top 25 poll, Beard got a $25,000 bonus for finishing in the top 10.
Beard also received a $25,000 bonus when he was named Big 12 Coach of the Year in March, according to the contract.
If Tech had beat West Virginia in the Big 12 Championship game and won or earned runner-up, Beard would have earned an extra $50,000 or $100,00 bonus, according to the contract. However, the Red Raiders fell short in the tournament, moving on to the NCAA Tournament.
After the loss to West Virginia, the team headed to Tulsa as the 3-seed in the NCAA Tournament. Just an appearance in the NCAA Tournament gave Beard a $50,000 bonus, according to the contract. When Tech beat Northern Kentucky, 72-57, in the first round to advance to the round of 32, Beard earned another $25,000, according to the contract.
In the second round, when the Red Raiders walked away with a 78-58 victory against Buffalo and moved on to their second-straight Sweet 16, an additional $50,000 was earned by the coach, putting his total at $425,000.
The success of the team did not stop there. Beard and the rest of the coaching staff pushed Tech to a 75-69 victory over Gonzaga, putting the team in the Elite Eight and giving Beard another $75,000 bonus, according to the contract.
Making it to the Final Four is something the program has never done before in Tech men’s basketball history. When the players arrive in Minneapolis, Beard will have added another $100,000 bonus, according to his contract, but already capped out at $500,000.
If Tech wins the National Tournament, the head coach would have another $200,000 bonus, but already capped out according to the contract.
After the season concludes, the head coach could have received another partial bonus because of his players’ GPAs, according to the contract. The last bonus the head coach may receive would be if the NCAA gives Beard an Academic Performance Rating of 950 or higher.