Texas Tech has agreed to a new six-year deal with men's basketball coach Chris Beard, the school announced Monday.

Beard was this season's Big 12 Co-Coach of the Year and is a candidate for the National Coach of the Year. In his second season in Lubbock, the Red Raiders are 23-8 overall and 11-7 in the Big 12.

Chris Beard just got a new deal from Texas Tech. AAron Ontiveroz/The Denver Post/Getty Images

The school announced that the deal, which runs through the 2023-24 season, is worth more than $19 million.

"Coach Beard continues to elevate Texas Tech basketball to a record level of success," Texas Tech athletic director Kirby Hocutt said in a statement on Monday. "Under his leadership, our program is going to continue to elevate to an elite level. I am extremely proud of the direction of his program and know that Red Raider Nation joins me in our level of excitement for the future."

Texas Tech is the No. 2 seed at this week's Big 12 tourney and will play the winner of Wednesday's Texas-Iowa State game in a quarterfinal matchup on Thursday.