Iowa City, IA, United States (4E Sports) – Iowa coach Fran McCaffery received a seven-year contract extension that will pay him at least $1.66 million a year.
After signing the deal, McCaffery confidently announced that 2013 NCAA Tournament bid for the Hawkeyes is “a legitimate, definitely achievable” goal.
“We’ve got some tangible results and I think there’s a tremendous positive feeling around the entire program as we move forward,” McCaffery said. “We just want to keep building on that momentum.”
McCaffery, 53, will make $1.3 million next season, according to terms of a deal that runs through June 30, 2019, with increases in the following years. The amount will increase to $1.7 million in 2013-14, and jump to $2 million by 2018-19, if Iowa reaches the NCAA tournament.
If Iowa doesn’t make the NCAA tournament, McCaffery will receive $1.5 million in 2013-14, a figure that will escalate to $1.8 million in 2018-19. If Iowa makes the NCAAs at any time during the course of the contract, McCaffery will get a $200,000 bump the following season.
The new deal replaced the original six-year contract McCaffery signed after accepting the Iowa job in 2010. The original contract was worth $1.1 million in 2010-11 and was scheduled to escalate to $1.35 million by 2015-16.
Iowa basketball lost its relevance in the past decade as it failed to get a national ranking or qualify for a NCAA bid since 2006 and no first division Big Ten finish since 2007.
But Iowa athletics director Gary Barta said change is imminent with McCaffery around.
“Two years into his tenure, I’m thrilled with where Fran is taking our program,” Barta said. “He has done an outstanding job, in all phases. We are pleased that the victory total has increased in the last two seasons.
“But, as important, Fran has demonstrated a total commitment in all phases of the program, including recruiting, community involvement and commitment to academic performance.”
Under McCaffery, Iowa’s record improved to 11-20 to 18-17 in his first two seasons. The Hawkeyes recorded four victories over Top 25 teams and reached the second round of the NIT, the university’s first postseason bid since 2006.
The Hawkeyes are expected to be a force to reckon with behind three returning starters and prized recruits Adam Woodbury and Mike Gesell.