AMES, Iowa (AP) — Iowa State has given coach Fred Hoiberg a $600,000 a year raise, bumping his average annual salary to $2.6 million in an effort to keep "The Mayor" in Ames for life.
Hoiberg just finished his fourth and most successful season at Iowa State. He led the Cyclones to 28 wins, a Big 12 tournament title and the program's first Sweet 16 appearance in 14 years.
According to Winthrop Intelligence, a company that helps college athletic directors with finance management, Hoiberg's new annual salary ranks near the top 10 nationally. The Cyclones announced the revised contract for Hoiberg on Friday.
"We are pleased to come to terms on a revised contact with Coach Hoiberg and his agent so quickly," athletic director Jamie Pollard said. "We hope our commitment to him will keep him at Iowa State University for the rest of his career."
Hoiberg, who earned the nickname "The Mayor" while starring for the Cyclones in the 1990s, agreed to a 10-year, $20 million contract in March of 2013. The $600,000 raise in annual compensation is the only change to that deal, which runs through 2023.
Hoiberg would still owe Iowa State $500,000 if he leaves to become a head coach or general manager in the NBA and $2 million if he leaves for another Division I school.
Hoiberg has led Iowa State to three consecutive NCAA tournament appearances, culminating in a breakout season in 2013-14.
The Cyclones got off to a school-record 14-0 start and beat Kansas State, Kansas and Baylor en route to the Big 12 tournament title in Kansas City. The Cyclones then beat North Carolina in the NCAA tournament's round of 32 before falling to eventual national champion Connecticut.
Iowa State looks poised to contend for a Big 12 title next season as well. Though the Cyclones lose All-American Melvin Ejim and first-team All-Big 12 point guard DeAndre Kane, they'll return a core highlighted by forwards Georges Niang and Dustin Hogue and guard Monte Morris.
Hoiberg is 90-47 with the Cyclones.
"We recognize the tremendous accomplishments that have become commonplace during Fred's tenure," Pollard said.