All the details of Fred Hoiberg’s new 10-year, $20 million contract has been released to the public. The Iowa State men’s basketball received more of the same from his old contract with an increased income and a higher buyout penalty,
Here’s what Hoiberg will be making, broken down with his “base” and “additional” compensation.
- Contract year: May 1st-April 30th
- Base compensation: $375,000 per contract year
- Additional compensation: $1,225,000 per contract year
- $100,000 annual increase in additional compensation each contract year beginning in 2014
To clarify, additional compensation is payment on all the extra stuff he does outside of coaching, such as taking part of coaches’ shows and appearing for Iowa State University in special events. He’ll also sign endorsements for specific sports equipment and apparel.
- $250,000 bonus for team making the Final Four.
- $100,000 bonus for team winning or tying Big 12 regular season title.
- $50,000 bonus for team winning Big 12 Men’s Basketball Tournament.
- $50,000 bonus for team making the NCAA Tournament.
- $25,000 bonus for every game won in the NCAA Tournament.
- $25,000 bonus for winning or sharing Big 12 Coach of the Year title.
- $25,000 bonus for winning or sharing National Coach of the Year title.
Since there is more than one publication that announce a national coach of the year in college basketball, this bonus would only hold up to just one of those awards.
One notable is the increased buyout from his old contract if he decides to leave and coach another university. The penalty is now $2 million instead of $500,000. The $500,000 penalty remains if Hoiberg takes a job in the NBA. Even though the contract extends to April 30th, the buyout will be voided after the Cyclones’ final game of the 2022-23 season.
Considering Hoiberg’s loyalty to Iowa State, it’s hard to imagine the mayor leaving to coach another university.