Inside Texas Tech’s ‘Open Checkbook’ and the School’s Quest to Rule the Big 12
Texas Tech University has never been shy about its ambitions. Nestled in the heart of West Texas, the school has long fought to carve out a place among college athletics’ elite. But in recent years, the Red Raiders have taken a more aggressive approach, opening the financial floodgates in a bid to dominate the Big 12 and beyond. This is the story of Texas Tech’s “open checkbook” era—a high-stakes gamble fueled by deep-pocketed donors, bold leadership, and an unrelenting drive to compete at the highest level.
### A Program With Big Dreams
Texas Tech’s athletic department has always operated with a chip on its shoulder. Unlike traditional powerhouses such as Texas or Oklahoma, the Red Raiders lack a century of blue-blood tradition. Instead, they’ve had to build their reputation through innovation, grit, and, increasingly, money. The school’s leadership understands that in today’s college sports landscape, financial muscle is just as important as coaching talent or recruiting prowess.
The shift toward a more aggressive spending strategy began in earnest when Kirby Hocutt took over as athletic director in 2011. A former Miami administrator, Hocutt arrived with a clear vision: Texas Tech would no longer settle for being a middle-tier program. Under his watch, the school invested heavily in facilities, coaching salaries, and recruiting operations, signaling to the rest of the Big 12 that Lubbock was no longer just a stopover for opposing teams.
### The Donor Factor
None of this would be possible without the backing of Texas Tech’s most influential boosters. The school’s donor base, though smaller than some of its rivals, is fiercely loyal and willing to spend. Key figures like Gordon Whitacre, the son of former AT&T CEO Ed Whitacre, and oil magnate Cody Campbell have poured millions into the athletic department, ensuring that money is rarely an obstacle.
Perhaps the most visible sign of this financial commitment is the $200 million renovation of Jones AT&T Stadium, which transformed the Red Raiders’ football home into a state-of-the-art facility. The project, funded largely by private donations, includes premium seating, a massive video board, and upgraded locker rooms designed to impress recruits. Similar investments have been made at United Supermarkets Arena (basketball) and Rip Griffin Park (baseball), reinforcing the message that Texas Tech is serious about competing in every sport.
### Coaching Carousel: Paying for Winners
A major component of Texas Tech’s spending spree has been its willingness to pay top dollar for coaches. In 2019, the school made headlines by luring football coach Matt Wells away from Utah State with a contract worth nearly $20 million over six years. When that hire didn’t pan out, the Red Raiders didn’t hesitate to make a change, firing Wells in 2021 and replacing him with Joey McGuire, a highly regarded high school coach turned Baylor assistant. McGuire’s arrival signaled a new direction—one rooted in Texas high school football connections and aggressive recruiting.
On the basketball side, the school made an even bigger statement by hiring Mark Adams in 2021. A longtime assistant under Chris Beard, Adams was promoted to head coach after Beard’s departure to Texas. Adams, known for his defensive acumen, led the Red Raiders to the Sweet 16 in his first season, proving that Texas Tech could sustain success even after losing a high-profile coach. The school rewarded him with a contract extension, further demonstrating its commitment to stability and winning.
### The NIL Revolution
The rise of Name, Image, and Likeness (NIL) deals has added another layer to Texas Tech’s financial playbook. Recognizing that modern recruiting is as much about money as it is about tradition, the school’s boosters have embraced NIL with open arms. The “Matador Club,” a collective founded by prominent donors, ensures that Red Raiders athletes have access to lucrative endorsement opportunities.
This approach has already paid dividends in football, where McGuire’s staff has landed several high-profile transfers and recruits, thanks in part to NIL incentives. Basketball has also benefited, with Adams securing key players who might have otherwise opted for more traditional powerhouses. In the NIL era, Texas Tech’s willingness to spend has given it an edge over programs still figuring out the new landscape.
### Competing in a Shifting Big 12
The Big 12 is in flux. With Texas and Oklahoma set to depart for the SEC in 2024, the conference is undergoing a seismic shift. For Texas Tech, this presents both a challenge and an opportunity. The Red Raiders have long been overshadowed by their in-state rivals, but with the Longhorns leaving, there’s a vacuum to be filled.
Hocutt and university president Lawrence Schovanec have made it clear: Texas Tech intends to be a leader in the new-look Big 12. The school was instrumental in the conference’s expansion, pushing for the additions of BYU, Cincinnati, Houston, and UCF. These moves not only stabilize the league but also position Texas Tech as a central figure in its future.
On the field, the results are starting to show. The football team’s resurgence under McGuire, combined with basketball’s consistent success, suggests that the Red Raiders are ready to step into the spotlight. Baseball, under coach Tim Tadlock, has become a national powerhouse, further bolstering the school’s athletic profile.
### The Risks of an ‘Open Checkbook’
Of course, this aggressive spending doesn’t come without risks. College athletics is a volatile business, and even the deepest pockets can run dry if investments don’t yield returns. Texas Tech’s athletic department operates at a deficit, relying heavily on donor contributions to balance the books. If fundraising slows or on-field performance falters, the school could find itself in financial trouble.
There’s also the question of sustainability. While NIL deals and facility upgrades provide short-term advantages, they require constant maintenance. Rival schools are also spending big, meaning Texas Tech must continue to outpace them just to stay competitive. The pressure to win—and win now—has never been higher.
### The Road Ahead
Texas Tech’s “open checkbook” approach is a bold experiment in modern college athletics. By leveraging its financial resources, the school is betting that it can buy its way into the upper echelon of the Big 12 and beyond. So far, the results are promising. The Red Raiders have become a consistent force in multiple sports, and their influence within the conference is growing.
But the true test lies ahead. Can Texas Tech sustain this level of investment? Can it finally overtake the likes of Baylor, TCU, and Kansas State to become the Big 12’s dominant program? And perhaps most importantly, can it prove that money alone can build a lasting legacy?
One thing is certain: Texas Tech isn’t backing down. In a world where college sports are increasingly driven by dollars, the Red Raiders are all in. Whether that leads to championships or financial strain remains to be seen, but for now, Texas Tech’s checkbook is wide open—and the rest of the Big 12 is on notice.
