Sources: Texas Tech to extend Joey McGuire on 7-year deal - ESPN

Texas Tech coach Joey McGuire has agreed in principle to a new seven-year deal worth an average of nearly $7 million per year, sources confirmed to ESPN on Tuesday.

McGuire, in his fourth season with the program, has led Texas Tech to No. 5 in the College Football Playoffs rankings. He has an overall record of 34-17 at the school.

The Red Raiders are poised for one of the best finishes in program history, led by an elite defense ranked No. 3 in scoring in FBS at 11.25 per game.

Texas Tech faces No. 11 BYU in the Big 12 Championship game on Saturday.

Yahoo Sports first reported McGuire's extension with Texas Tech.