Leach rejects Texas Tech's contract offer

Feb 17, 2009 - 11:58 PM LUBBOCK, Texas (Ticker) -- Mike Leach's future as Texas Tech coach could be in jeopardy after he rejected the school's contract offer of $12.7 million for five seasons on Tuesday.

Leach guided the Red Raiders to an 11-2 record last season, including a victory over top-ranked Texas. He has two years remaining on his existing contract.

Texas Tech athletic director Gerald Meyers seemed pessimistic about getting a contract extension done with Leach. The school had established Tuesday as a deadline.

"We will enter the decision-making process and should have some announcements by next week," Meyers said. "Our decisions will be based on the best interest of Texas Tech and all of its supporters."

The parties have sparred over the buyout language in the contract proposals.

In a counter offer presented last week, Leach's agents proposed a buyout that would guarantee Leach 40 percent of his remaining base salary and outside income should Tech terminate him and a $500,000 payment to the school if Leach decided to leave.

However, Meyers said the proposal, which could require a payout as high as $4.4 million should Leach be fired, was unfair.

Leach told the Lubbock Journal on Monday that he was not worried about being fired after Tuesday's deadline to accept the school's offer passed.

"I don't worry about any of it," he said. "I worry about how I can make the team the best at the present."