Ames, IA (SportsNetwork.com) - Iowa State announced Friday it will raise the salary of men's basketball coach Fred Hoiberg to $2.2 million a year after he led the Cyclones to their first Big 12 Tournament title in 14 years.
The $600,000 pay increase will take effect May 1 and comes just over a year after Hoiberg, 41, signed a 10-year, $20 million contract to remain at his alma mater through the 2022-23 season.
Hoiberg will now earn an average salary of $2.6 million over the life of the contract in addition to bonuses. He totaled $150,000 in bonuses this season, in which the Cyclones went 28-8 to earn a No. 3 seed in the NCAA Tournament.
They beat North Carolina Central and North Carolina before losing to eventual national champion Connecticut in the Sweet 16.
The Cyclones beat nine ranked teams during the season and their 28 wins ranked second all-time in program history.
"We hope our commitment to him will keep him at Iowa State University for the rest of his career," said Iowa State athletic director Jamie Pollard.
Hoiberg is 90-47 in his four seasons coaching Iowa State, where he played from 1991-95 before spending 10 years in the NBA.