Fran McCaffery signs contract extension with Iowa through 2027-28 season
On Monday, two prominent Big Ten Conference coaches were let go — Minnesota’s Richard Pitino and Indiana’s Archie Miller.
Fran McCaffery won’t be a candidate for those openings or any others. The 11th-year Iowa coach is re-upping with the Hawkeyes through the 2027-28 season, athletics director Gary Barta announced Monday.
The new deal amounts to a four-year extension for McCaffery, 61. He had previously signed a contract extension on Nov. 29, 2017, through the end of the 2023-24 season.
Under the new terms of the contract, which the Register has obtained through an open-records request, McCaffery’s total guaranteed income over the next seven seasons would be $23.4 million.
The new income totals by year, which includes his base salary, fund-raising/camps appearances, TV/radio appearances and apparel/shoe contracts, are as follows:
- $2.9 million in 2021-22 (unchanged from previous contract)
- $3 million in 2022-23 (also unchanged)
- $3.3 million in 2023-24 (a bump of $300,000)
- $3.4 million in 2024-25 (new contract year)
- $3.5 million in 2025-26 (new contract year)
- $3.6 million in 2026-27 (new contract year)
- $3.7 million in 2027-28 (new contract year)
Additionally, the university will pay McCaffery longevity bonuses of $100,000 on June 30, 2022, and $200,000 on June 30, 2023, provided he is still employed by Iowa on those dates. Under the new contract terms, Iowa would be owed $1 million in compensation if McCaffery takes another job in the first two years of the deal or $500,000 if he takes another job in Years 3 or 4.
If McCaffery were to be fired by the university, he would be owed 60% of his remaining base salary. For example, if Iowa fired him after next season, he would be owed $7.38 million.
The contract was signed by McCaffery and Barta on March 12, the same day that Iowa beat Wisconsin in the first round of last week's Big Ten Tournament in Indianapolis.
“I am grateful to Gary Barta and President Bruce Harreld for their continued support,” McCaffery said in a statement. “It truly is an honor to represent the University of Iowa and coach the tremendous young men in our program. I am proud of what our team accomplished during the regular season, and we are eager to compete for a national championship this month.”
McCaffery has two sons on the team, junior Connor and freshman Patrick. A third son, Jack, is in eighth grade and could be the best McCaffery yet. Under this new deal, McCaffery might have the chance to coach his youngest son. He would be 68 years old when the new deal expires.
McCaffery leads Iowa into this week’s NCAA Tournament as a No. 2 seed, the program’s highest since 1987. The Hawkeyes face Grand Canyon at 5:25 p.m. CT on Saturday inside Indiana Farmers Coliseum in Indianapolis.
This is Iowa’s fifth NCAA Tournament appearance in McCaffery’s 11 seasons, although he would’ve had a sixth if last year’s tourney hadn’t been canceled due to the COVID-19 pandemic. McCaffery has 215 wins at Iowa and 103 in the Big Ten, both ranking No. 2 behind Tom Davis in Hawkeye history.