After an impressive first season in charge of the Texas Tech Red Raiders, head coach Joey McGuire received a salary boost as part of an extension to his contract. Heading into his second year in Lubbock, what is McGuire’s salary, contract, and net worth?
Joey McGuire’s Salary and Contract in 2023
On Dec. 28, 2022, Texas Tech athletic director Kirby Hocutt announced that the Red Raiders were extending McGuire through the 2028 college football season as their head coach. As a result of the extension, McGuire’s salary for the 2023 campaign is $4.1 million — a boost of over $1 million from his initial contract.
“It was evident throughout this football season that he and his staff are building a culture that will benefit this program for years to come,” Hocutt proclaimed during his announcement. “Coach McGuire will be the first to tell you that his goal is not to just play in a bowl game but to win championships, and I believe we are on that path under his direction.”
McGuire arrived in Lubbock ahead of the 2022 season, following five seasons with Big 12 rival Baylor. No stranger to the state of Texas, he compiled a 141-42 record as the head coach at Cedar Hill High School, leading the team to 12 consecutive playoff appearances and four state title games.
After signing a six-year deal to become Texas Tech’s head coach late in 2021, McGuire led the Red Raiders to their first eight-win season since 2013. Furthermore, his five Big 12 wins were the most for any head coach since Mike Leach’s final season in 2009.
The Red Raiders gained momentum with three consecutive regular-season victories, earning McGuire a salary increase and contract extension. A Texas Bowl victory over Ole Miss came after the announcement of the deal that keeps McGuire in Lubbock through the 2028 campaign.
“We firmly believe the success our team has experienced this season is the standard for what is yet to come,” McGuire enthused during the announcement of his contract extension. “Our entire family can’t thank Red Raider Nation enough for their passionate support that is unmatched in college football.”
Under the terms of his new contract, McGuire’s salary will be boosted by $100,000 each season. Earning $4.1 million for the 2023 campaign, he’ll receive $4.6 million in the final year of his deal, presuming that no further contract extensions or salary increases come before that current end date.
According to On3, McGuire’s salary will also receive a boost in May 2025 in the form of a $250,000 retention bonus under the terms of his initial contract. The 2022 extension not only honors that, but the Texas Tech head coach will also receive another $250,000 if he’s still in post on May 1, 2027.
McGuire’s Net Worth
As a result of his contract extension, McGuire has a net worth of $26.6 million through the 2028 college football season. Under the terms of his original deal, his worth was set to be $20.2 million, boosting his net worth by $6.4 million from just one year of working his magic in Lubbock.
However, that net worth doesn’t include any potential performance bonuses in McGuire’s contract. While the bonus structure for his new deal wasn’t disclosed, it was reported by Steve Berkowitz that the Texas Tech coach boosted his salary by $150,000 for the Red Raiders’ performance in his first year.
While his net worth soars, McGuire’s value to Texas Tech may not have a ceiling.
Successful in his first season while appearing to build momentum into the 2023 college football season, the Red Raiders are well positioned to become a Big 12 powerhouse when Texas and Oklahoma depart for the SEC in 2024.