Iowa basketball coach Fran McCaffery has an extended contract and a bigger buyout in a deal that was signed in late November.
The extension, first reported by website Land of 10 on Thursday morning, adds at least one year to the previous contract. The new deal runs through June, 2023, with an additional year if the Hawkeyes make the NCAA tournament any time in the next six seasons.
The previous deal would have expired on June 30, 2022.
The extension also allows for a bigger buyout. If the university fires McCaffery without cause before July 1 of this year, the buyout is $10.2 million, $5.6 million more than the previous deal. The buyout is reduced to $9 million after that date, and continues to be reduced through the length of the contract.
A buyout owed to Iowa if McCaffery would leave for another coaching job was increased to $2 million through July, 2022. The original buyout was $1 million.
The contract was signed by McCaffery, Iowa athletics director Gary Barta and university president Bruce Harreld on Nov. 29, but was not released until a Freedom of Information Act request was filed.
"Fran and I had discussions and reached a verbal agreement in regard to updating his contract during the summer," Barta said in a statement released by the university. "The process was put on hold during my health-related absence from the office this fall, but then finalized in November. I’m enthused with the leadership Fran has provided our men’s basketball program and excited for the immediate and long-term future of the program."
"I am grateful for the opportunity to lead this program for many more years," McCaffery said in a statement. "I am thankful to Gary Barta and President Bruce Harreld for their tremendous support and commitment to Hawkeye basketball. It is a great honor to represent the University of Iowa and coach the young men in our program. We remain excited about our current players and where they are taking us as a program in the coming years."
Iowa is struggling this season with an 11-11 record, 2-7 in the Big Ten.
McCaffery's pay for this season is $2.25 million — $1.35 million in base salary, with the rest coming from supplemental compensation and outside income. His salary for next season will be $2.6 million if the Hawkeyes reach the NCAA tournament this season, $2.3 million if they don't.