LUBBOCK, Texas — Texas Tech coach Mike Leach missed another deadline Tuesday to sign a new contract, and now the school's board of regents wants to meet to discuss his job.

Leach told The Associated Press he's happy to coach the remaining two years of his current contract, which pays $2.65 million next season and $2.35 million in 2010.

The sides have essentially agreed on the financial terms of a new five-year deal that would average $2.54 million annually, but negotiations hung up on several clauses.

The provision that bothers Leach most is one that would trigger his firing and a $1.5 million penalty if he interviews for another job without athletic director Gerald Myers' permission. Leach's current deal has no such restriction.

"I don't have to have hall passes on this one," Leach said during an interview near his office a few hours before a deadline to accept what Myers said was a "last and final offer" that would be pulled off the table.

The previous deadline was Jan. 20.

Before the Cotton Bowl, Leach went to Seattle when Washington was looking for a coach and refused comment when he returned to Lubbock. Washington hired Steve Sarkisian.

A couple of hours before the 5 p.m. deadline the university's board of regents posted notice for a "special called teleconference" meeting for Friday with the only listed item for executive session discussion a personnel matter that includes "but not limited to the position of the football head coach."

After the deadline passed, Myers issued a statement saying Leach declined the $12.7 million., five-year contract offer.

"We will enter the decision-making process and should have some announcements by next week," Myers' statement reads. "Our decisions will be based on the best interest of Texas Tech and all of its supporters."

Earlier this month, Myers said he'd made it clear to Leach and his agents that he would not withhold permission if Leach wanted to interview elsewhere. He just wanted to be informed, Myers said Feb. 6.

A call to Chancellor Kent Hance was not immediately returned.

Scott Dueser, the chairman of the school's board of regents, did not immediately respond to a voice mail message and an e-mail seeking comment.

Leach said he wasn't going to forget what his job is.

"I'm disappointed but I don't dwell on it," Leach said. "It's out of my hands. I'm focusing on the team, what we can do together. I think we have a chance to have a great team."

He declined to discuss whether he would negotiate for an extension after the 2009 season.

"Just have to see, too far off," he said.

Late last week Myers, in a statement, said Tech would "not even respond" to a counteroffer from Leach and his agents.

Myers' statement said the proposal was tantamount to saying Leach could never be fired and that if Tech wanted to change coaches in the first year it would cost the school as much as $4.4 million to release Leach.

The counterproposal from Leach agreed to having Leach notify Myers if he planned to interview elsewhere.

Earlier Tuesday, several dozen Leach supporters — students and city residents — rallied outside his office

Leach appeared briefly to thank the group, which included one person displaying a small skull-and-crossbones flag on a corner of a sign that read, "Keep Leach or walk the plank." Leach has a well-publicized fascination with pirates.