Jacobson received 26 of 47 first-place votes from conference coaches, media and sports information directors. Wichita State's Gregg Marshall, who won the previous three seasons, finished second and Greg Lansing of Indiana State was third.
The 11th-ranked Panthers (27-3) had a school-record 16-game winning streak this season and are the second seed in the Valley tournament this week. They've had six consecutive 20-win seasons under Jacobson, who became the school's career wins leader in the opener.
Jacobson also won in 2009 and 2010, and he and Marshall are among four coaches who have won three times. Maury John of Drake won the award four times.