Texas Tech athletics director Kirby Hocutt has signed a new contract through Aug. 31, 2030, one that would have him earning more than $2 million in base salary in the final year of the deal.
The total base salary over the course of the eight-year agreement is $14,575,343, an average annual value of a little more than $1.82 million. It's a three-year extension from the contract he signed in 2019 that ran through Aug. 31, 2027, and had an average annual value of about $1.66 million.
The contract starts Sept. 1, begins at $1.639 million in base salary for this coming school year and, with 3 percent annual raises, tops out at $2.015 million in 2029-30. The agreement also includes a monthly auto allowance of $1,500, bonuses and annual $500,000 deposits by the university into a deferred compensation/retirement account.
The deposits into that account are scheduled to become payable to Hocutt four times over the course of the contract, with $875,000 due if he remains on the job through Aug. 31, 2023 ($375,000 that was credited to Hocutt on Sept. 1, 2021 under his previous terms, plus $500,000 that will be credited next week); $1 million if he remains through Aug. 31, 2025; another $1 million if he remains through Aug. 31, 2027; and then $1.5 million if he completes the contract term.
If Hocutt is fired without cause between payout dates, he would receive any amount that already has been credited to him, but not yet paid.
Under his previous terms, the deferred-compensation payout amounts and triggering dates would have been $1.65 million on Aug. 31, 2025 (an average of $412,500 per year) and $1 million on Aug. 31, 2027 ($500,000 per year).
If Hocutt leaves for another Division I AD job, he owes Tech a buyout of 20 percent of all remaining base salary on the contract within 60 days. Should Tech fire Hocutt without cause, it owes him 80 percent of all remaining base salary in monthly payments, less whatever earnings he might have from a subsequent job during the term of the contract.
Tech hired Hocutt in February 2011 after he had been AD at Ohio University from 2005 to 2008 and AD at Miami (Fla.) the following three years.
The Texas Tech University System Board of Regents approved the contract earlier this month. Hocutt and Tech President Lawrence Schovanec signed it this week.
"That's a long-term investment, and we're in this for long-term success," Hocutt said after the Red Raider Club kickoff luncheon at the Memorial Civic Center. "There's a lot of change within intercollegiate athletics that's in front of us. We're going to continue to be on the forefront of adjusting and preparing Texas Tech athletics for a very successful future in our journey ahead."
The Tech men's basketball, baseball, track and field and other programs have ranked among the best in the country during Hocutt's tenure. However, his football hires of Kliff Kingsbury and Matt Wells failed with Kingsbury being fired after going 35-40 in six years and Wells being dismissed after going 13-17 in less than three seasons.
Former Baylor assistant Joey McGuire is next up in that role.
"I'm so proud of many of the accomplishments we've had and we've shared," Hocutt said, "but make no mistake: Football is what we've got to get to the level of so many of our other sports. As coach McGuire continues to build the culture, the environment, the foundation of this football program, once we get this rolling a week from Saturday, it's going to be a lot of fun and couldn't be more excited about our future."
Hocutt's potential bonuses laid out in the contract are capped at $225,000 for any one contract year. The bonuses are for Tech teams' achievements on the field and in the classroom as well as incentives for meeting attendance benchmarks.
USA TODAY reporter Steve Berkowitz contributed to this report.
This article originally appeared on Lubbock Avalanche-Journal: Texas Tech athletics director Kirby Hocutt signs extension through 2030
