Texas Tech has rewarded coach Joey McGuire for a successful debut season by agreeing to a new six-year, $26.6 million contract, the school announced Wednesday.

McGuire has led the Red Raiders to a 7-5 record entering Wednesday's TaxAct Texas Bowl against Ole Miss. That mark includes wins over Texas and Oklahoma -- the first time the program has defeated both teams in the same season -- and Texas Tech's first winning record in the Big 12 since 2009.

"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."