Iowa State Men’s Basketball: Fred Hoiberg Receives Contract Extension

Mar 15, 2013; Kansas City, MO, USA; Kansas Jayhawks head coach Bill Self shakes hands with Iowa State Cyclones head coach Fred Hoiberg after the game during the quarterfinals of the Big 12 tournament at the Sprint Center. Kansas won 88-73. Mandatory Credit: Denny Medley-USA TODAY Sports

In a move that surprises no one, “The Mayor” has agreed to stick around in Ames for the long haul.

Per Jamie Pollard’s Twitter feed (@IASTATEAD):

After swinging and missing with Gene Chizik and Greg McDermott, Pollard rebounded with locking up two local guys for long contracts.

Full details of the contract will be released at a later date, similar to Paul Rhoad’s extension. Rhoads received the same $20 million contract extension for 10 years. He starts off with $1.6 million next season, and it will increase $100,000 annually. More of Rhoads’ deal can be read here, and it’s expected to see Hoiberg get similar incentives for winning a certain amount of games, reaching the NCAA Tournament, etc.

It’s amazing that a school can succeed with local head coaches that share a passion for Cyclone athletics, but the kids love to play under both men. That’s a big difference after seeing the football team break down halfway through the season and multiple basketball players transferring to other schools.

Contracts aren’t set in stone, and Hoiberg may still have an interest in moving to the NBA down the road, but at least for the short term stability is in the coaching department at Iowa State.