Iowa State releases details of Hoiberg's contract

If Iowa State men's basketball coach Fred Hoiberg chooses to opt out of his recent 10 year/$20 million contract, he'll forfeit a lot less money if he leaves to join an NBA team.

Exactly $1.5 million less.

Iowa State released details of Hoiberg's contract - reworked in late March - this week.

His buyout clauses vary widely depending on the possible destination.

Hoiberg, a former star player who grew up in Ames, would face a $2 million buyout if he were to “assume duties as a men's NCAA Division I head college basketball coach” before the contract expired.

If Hoiberg, a veteran NBA player who also served in the Minnesota Timberwolves' front office, chose to leave his alma mater for that league, his buyout would be $500,000.

All of that may or may not be moot.

“This is where I want to be,” Hoiberg told The Gazette after the new contract was announced. “It's home for me, it's home for my family, it's a great place to raise kids. And I'm excited about our future - not only about what we've done in the past. We've got a bright future ahead of us.”

Hoiberg is the fourth-highest paid coach in the Big 12.

The Cyclones have reached consecutive NCAA tournaments for the first time since 2000 and 2001. Hoiberg's contract, thus, includes a number of the likely incentives, as did his former deal, which had made him the eighth-highest paid coach in the league:

Each possible NCAA tournament Final Four appearance nets him $250,000.

He'll receive $100,000 the first time his team ties for or wins an outright Big 12 title.

A Cyclone title in the Big 12 tournament earns him $50,000, as does each berth in the NCAA tournament.

Being named Big 12 coach of the year yields a $25,000 bonus, as does at least one win the NCAA tournament.

Hoiberg would pocket $25,000 if he's named national coach of the year honors.

Hoiberg faces an off-season that includes replacing two key assistants.

Former director of basketball operations Jeff Rutter accepted a more hands-on coaching position this spring at Drake. Tuesday, associate head coach T.J. Otzelberger decided to join Lorenzo Romar's staff at Washington.