Texas Tech and men's basketball coach Chris Beard agreed Monday on a six-year, $27.45 million contract that will keep him in Lubbock through 2024-25.

"Thank you to President Schovanec, Kirby Hocutt, Tony Hernandez, Chancellor Mitchell and the Board of Regents for making this strong commitment to both me and our men's basketball program," Beard said in a statement. "Thank you to our players and staff, both former and current, for your commitment to winning. Special thanks to our fans and our students for your incredible support and passion. Together we have accomplished some great things in the past three years but we are not satisfied and will continue working tirelessly to build one of the best college basketball programs in the nation."

Beard, 46, has posted a 76-31 record in three seasons at Texas Tech. He led the Red Raiders to an Elite Eight berth in 2018 and to the 2019 national championship game before losing to Virginia. Texas Tech had never reached the Elite Eight before Beard took over the program.

"In only three years, Chris Beard has elevated Texas Tech to the upper echelon of college basketball," director of athletics Kirby Hocutt said. "The 2018 Elite Eight, and this year's appearance in the National Championship game has raised the entire profile of Texas Tech Athletics and is a source of great pride for all Red Raiders. I am appreciative of the continued loyalty and personal commitment that Chris has made to continue to lead our program into the future.

"He is widely respected as one of the best coaches in the nation and I could not be more excited that through various resources, we have been able to invest into our basketball program at one of the highest levels in the nation."

The new contract makes him the third-highest paid coach in the nation, according to USA Today. Only John Calipari and Mike Krzyzewski earn a higher annual salary.

Beard built up the Raiders program quickly on the back of transfers and smart recruiting. Jarrett Culver was just a 3-star recruit before arriving at Texas Tech and is leaving a lottery pick. Davide Moretti is an Italian import who did not receive much attention from top-flight programs. Matt Mooney (South Dakota), Tariq Owens (St. John's) and Brandone Francis (Florida) were all transfers.

Beard took the unconventional mix of talent and turned them into a menace on the defensive end that came within a couple breaks of winning a national title. He'll have to make it work with a largely different group of talent in 2019-20, but his track record of instant success speaks for itself.