Iowa State's Fred Hoiberg has a 90-47 record in four seasons with the school. (Bill Shettle/Cal Sport via AP Images)
Iowa State head coach Fred Hoiberg was given a pay raise by the school, and he now will make $2.6 million a season, the school announced Friday.
That is a pay raise of a $600,000 a year for Hoiberg, who led Iowa State to 28 victories this season and earned himself an additional $150,000 in bonuses.
The Cyclones won the Big 12 tournament title and earned the program's first Sweet 16 appearance since 2000, before losing to eventual national champion Connecticut.
"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 agreed to a 10-year, $20 million contract in March 2013, and his deal still runs through the 2023 season.
If Hoiberg leaves to become a head coach or general manager in the NBA, he would owe the school $500,000. He would owe $2 million if he leaves for another Division I school.
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