Iowa men's coach Fran McCaffery gets contract extension
Iowa men's basketball coach Fran McCaffery opened the 2014-15 season Friday with a contract extension.
McCaffery, 55, in his fifth season as the Hawkeyes' coach, had a year added to his previous deal, extending it through the 2019-2020 season.
McCaffery's salary for this season -- $1.8 million – didn't increase. It will escalate $50,000 annually through the term of the contract. Iowa athletic director Gary Barta said that McCaffery will also receive a one-time bonus of approximately $200,000 for another NCAA Tournament appearance. And an NCAA bid would add two years to his deal.
"What it does, it gives you the security in recruiting that you need for when a kid says, "Coach, are you going to be there?' They're committed to Coach being there," McCaffery said.
This is the third contract McCaffery has had at Iowa. He originally signed a six-year contract in March of 2010 that was worth $1.1 million and was scheduled to escalate to $1.35 million by 2015-16.
He then signed a new seven-year deal in July of 2012 that included a one-time bonus of $200,000 if the Hawkeyes made it the NCAA Tournament. Iowa earned the school's first bid in eight seasons in March, increasing McCaffery's salary this year from $1.6 million to $1.8 million.
"When I first hired Fran, we talked about building the program together," Barta said Friday. "He was coming to a program that needed to be rebuilt. And we just talked about the partnership and doing it the right way, and I'm very pleased he's done that. The last two seasons, we've had 20-plus wins.
"We're not where we want to be ultimately. But the progress continues to move forward."