Iowa State Releases Details Of Hoiberg's Contract

Iowa State Cyclones head coach Fred Hoiberg watches the action on the floor during the first half an NCAA college basketball game against the Iowa Hawkeyes Friday, Dec. 7, 2012 at Carver-Hawkeye Arena in Iowa City, Iowa. (Brian Ray/The Gazette-KCRG)

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By Grant Burkhardt

AMES, Iowa (AP) — It would 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 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. 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.

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