Iowa State signs Hoiberg to new 10-year, $20M contract wire reports

AMES, Iowa -- It would cost Iowa State coach Fred Hoiberg $2 million to leave the Cyclones for another Division I school under a new contract signed last week and made public Tuesday.

Hoiberg agreed to a new 10-year, $20 million deal in March after leading Iowa State to back-to-back NCAA tournament appearances.

Hoiberg would essentially owe a year's salary to Iowa State if he leaves for another school. Hoiberg's buyout will be just $500,000 if he accepts a job as a head coach or general manager in the NBA.

Hoiberg also receives $250,000 for reaching the Final Four and $100,000 for winning or tying for the Big 12 regular season title.

Hoiberg's new deal, which mirrors one recently signed by football coach Paul Rhoads, runs through 2023.

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