Iowa State and men's basketball coach Fred Hoiberg have come to terms on a 10-year, $20 million contract.
Hoiberg will remain the head coach at his alma mater through the 2022-23 season.
"When I returned to the University three seasons ago, it was a dream come true," Hoiberg said. "The progress that we have made so far has been very rewarding, but there is more work ahead. I sincerely appreciate the support that president (Steven) Leath and (athletics director) Jamie (Pollard) have given me. Ames is my home and Hilton Coliseum has given me countless memories as both a player and coach. I look forward to continue leading a program that Cyclone fans can be proud of."
Hoiberg has guided the Cyclones to two consecutive NCAA Tournament appearances.
Iowa State finished with a 23-12 record this season. That includes a 78-75 loss to Ohio State in the third round of the NCAA Tournament on Sunday.
His record at Iowa State is 62-39 in three seasons. That includes a 26-26 mark in the Big 12.
Hoiberg played for Iowa State from 1991-95 and then spent 10 years in the NBA, with stops in Indiana, Chicago and Minnesota. Hoiberg received the nickname "The Mayor" when he received a write-in vote for the Ames, Iowa mayoral race. He was honored as Mr. Basketball in Iowa for 1991 and the following season he enrolled at Iowa State.