Texas Tech and first-year head coach Joey McGuire agreed to a new six-year, $26.6 million contract, the school announced Wednesday.

"I firmly believe our best days are still ahead with Coach McGuire at the helm of our football program," athletic director Kirby Hocutt said in a statement. "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. 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 led the Red Raiders to a 7-5 record and went 5-4 in the Big 12, the most wins for the school in conference play since 2009.

It was only the team's second winning season in the past seven seasons. Highlights of the 2022 campaign included beating both Texas and Oklahoma and finishing the regular season on a three-game winning streak.

McGuire's new deal will give him a raise in the ballpark of $1 million per season and also "includes $100,000 annual raises—topping out at $4.6 million in the final season—plus performance bonuses," according to ESPN.

"I'm fortunate to have the support of a tremendous administration here at Texas Tech with president Schovanec and the best athletics director in the country in Kirby Hocutt," McGuire said in the announcement. "We firmly believe the success our team has experienced this season is the standard for what is yet to come. Our entire family can't thank Red Raider Nation enough for their passionate support that is unmatched in college football."

McGuire, 51, was on Baylor's coaching staff from 2017 to 2021. Prior to that, he spent 21 years coaching Texas high school football.

Texas Tech's reward for its second straight seven-win season is a matchup with Ole Miss (8-4) on Wednesday night in the TaxAct Texas Bowl. The hope will be that many future bowl games and playoff berths follow with McGuire at the helm.

"This place is so special," McGuire told Mike Fisher of SI.com. "I am excited about the future of Texas Tech football."