Texas Tech AD Myers says he will renegotiate Leach's contract after season

In the wake of reaching the highest ranking in school history, Texas Tech athletic director Gerald Myers said Tuesday he plans to renegotiate coach Mike Leach's current contract at the end of the season.

The No. 2 Red Raiders' 11-game winning streak is the longest among all FBS schools. After beating No. 1 Texas last week, Tech is in first place in the Big 12's South Division and is in position to contend for the national championship and the first Big 12 title in school history.

Those factors are leading Myers to consider renegotiating Leach's contract after the Red Raiders' regular season ends -- but not before it.

"We're going to get that contract extended after the season," Myers said. "This isn't the time to do it. It would be a distraction if we did it now."

Leach's agent, Gary O'Hagan of IMG, declined comment on the contract offer when contacted at his offices in Minnetonka, Minn. He said he had not been contacted by Myers about the offer.

Leach is in the third year of a current five-year deal with Texas Tech and can buy his way out of his contract for $500,000, Bloomberg reported. His name has popped up on the list of potential replacements for vacancies at both Washington and Tennessee.

Leach has a base salary with the Red Raiders of $300,000 per year in a contract that also assures him $1.45 million in outside income from radio and television deals, merchandise contracts, speaking engagements, sports camps and apparel deals, Bloomberg reported.

The Red Raiders were one of the first FBS schools to sign with Under Armour on a licensing arrangement that was orchestrated by Leach.

"I've always said that we compensate our coaches for what they accomplish," Myers said. "We'll certainly do that after the season."

Leach's contract will pay him an $800,000 bonus if he's still coaching at the school after next season, which would be his 10th season at his job. He would also receive another $200,000 bonus if he remains at the school through the end of the 2010 season.

Tim Griffin covers college football for ESPN.com. You may contact him at espntimgriff@yahoo.com.