Iowa State Basketball Coach Hoiberg's Contract Has $2 Million Buyout Clause

Iowa State University Basketball Coach Fred Hoiberg would have to pay the university $2 million if he left to coach at another Division I school or $500,000 if he took a job with the NBA before 2023, according to a report by the Associated Press on Sports Illustrated.

The $20 million deal was announced on March 29 shortly after the Cyclones participated in the NCAA Basketball tournament for the second year in a row. Iowa State University released more details about Hoiberg's 10-year contract on Tuesday.

Under the contract, Hoiberg receives about $2 million a year and bonuses of $250,000 when the Cyclones make the Final Four and $100,000 for wining the Big 12 Tournament title.

ESPN said Hoiberg was one of the “most coveted coaches on the college circuit,” and that the $2 million buyout might sound like a lot, but wouldn't be too much for a school that really wants Hoiberg.

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