After a strong performance in the NCAA Tournament, Iowa State decided it was time to reward their head coach. After leading the Cyclones to a Sweet 16, Fred Hoiberg will receive a $600,000 salary boost, the college announced on Friday.
Iowa State gives Fred Hoiberg a salary boost
Iowa State rewards its coach after the school’s NCAA Tournament run.
Jamie Rhodes-US PRESSWIRE
Coach Hoiberg receives $600K raise. Average salary of $2.6M will rank him in Top 10 of public University bb coaches. Press release this AM.
— Jamie Pollard (@IASTATEAD) April 11, 2014 Hoiberg’s average annual salary will be $2.6 million, and he is signed through the 2023 season. According to the Des Moines Register, Hoiberg was scheduled to have a $100,000 pay raise on May 1 and his starting salary for the 2014-15 season will be $2.2 million.
Under the terms of his contract, his salary is scheduled to increase by $100,000 every year for nine seasons. His salary before bonuses ranked in the bottom of the Big 12, but after the pay raise he will be one of the top-ten wealthiest coaches of any public university coach in college basketball.
Here’s an excerpt from the news release:
“We are pleased to come to terms on a revised contact with coach Hoiberg and his agent so quickly,” athletic director Jamie Pollard said in a statement. “We hope our commitment to him will keep him at Iowa State University for the rest of his career.”
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“We recognize the tremendous accomplishments that have become commonplace during Fred’s tenure,” Pollard said. “We play an exciting brand of basketball that has brought Hilton Magic back to life. Equally important, his players have been good students and ambassadors for the institution.”
In four seasons with the Cyclones, Hoiberg has a 90-47 record and in his last three seasons ended with NCAA Tournament bids. The Cyclones won the Big 12 conference tournament as well this season and finished with a 28-8 overall record before falling to the eventual national champion UConn Huskies.
The Cyclones won 28 games and advanced to the Sweet 16 of the NCAA Tournament, losing against eventual national champion Connecticut.
Hoiberg’s salary breakdown through 2023:
2014-15: $2.2 million
2015-16: $2.3 million
2016-17: $2.4 million
2017-18: $2.5 million
2018-19: $2.6 million
2019-20: $2.7 million
2020-21: $2.8 million
2021-22: $2.9 million
2022-23: $3.0 million
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