AMES, Iowa (AP) — It will cost Iowa State coach Fred Hoiberg $2 million to leave the Cyclones for another Division I school under a new contract signed last week and made public on Tuesday.
Hoiberg agreed to a new 10-year, $20 million deal in March after leading Iowa State to back-to-back NCAA tournament appearances.
Hoiberg would essentially owe a year’s salary to Iowa State if he leaves for another school. But Hoiberg’s buyout will be just $500,000 if he accepts a job as a head coach or general manager in the NBA.
Hoiberg also receives $250,000 for reaching the Final Four and $100,000 for winning or tying for the Big 12 regular season title.
Hoiberg’s new deal, which mirrors one recently signed by football coach Paul Rhoads, runs through 2023.