Mike Leach
Mike Leach After 11 wins, their highest national ranking in school history and months of negotiations, Texas Tech Red Raiders football coach Mike Leach has finally agreed to a five-year contract worth $12.7 million.

Leach and university chancellor Kent Hance met and got a deal signed during a hour two meeting on Thursday.

"Me and my family are thrilled to death that we're going to be in Lubbock for another five years," said Leach. "I appreciate Chancellor Hance and Gerald Myers' efforts to allow us to stay here and the opportunity to be here to coach the Red Raiders for many years to come."

According to reports, Leach and Texas Tech settled on the financials on the deal weeks ago, but the nine-year
coach was unhappy with several clauses inserted in the contract. The provision that bothered Leach the most would have triggered his firing and a $1.5 million penalty if he interviewed for another job without getting permission from the university.

The new contract that keeps Leach at Tech through 2013 requires that Leach only notifies Athletic Director Gerald Myers in writing if he interviews with another school. Also, if Tech terminates the contract, the school must pay Leach $400,000 for each year remaining on the agreement.

Myers said he has always wanted Leach to be Tech's coach.

"I think that got lost with all the rhetoric and speculation," Myers said. "To put it mildly this has been a tough negotiation, and it's good to get it behind us."