Iowa Basketball Coach Fran McCaffery Finalizes Contract
In the midst of the college football frenzy, the SourceMedia Group pulled off a great request.
SourceMedia Group, the company that owns the Cedar Rapids Gazette, requested and obtained a copy of Iowa head basketball coach Fran McCaffery’s newly-signed contract via the Freedom of Information Act.
McCaffery, Iowa Athletics Director Gary Barta, and Iowa President Sally Mason recently signed off on the terms of the coach's contract. The new Hawkeyes coach agreed to a six-year contract with Iowa that will pay him $1.1 million in the first year and $1.35 million in the final year.
For his coaching-related duties, McCaffery will earn $650,000 a year. He will also earn $450,000 annually in outside income, from activities like public speaking, television and radio programs, and an apparel contract.
As part of the contact, Iowa will pay McFaffery's former employer, Siena College, $240,000 in three installments to cover the coach's buyout clause. McCaffery spent five seasons at Siena, taking the Saints to the NCAA tournament in the last three years.
The contact also includes several performance-based incentives in the areas of student academics and team performance. If Iowa makes it to the NCAA tournament, there is a $25,000 bonus; $10,000 for the NIT.
Other perks of the contract include four Final Four tickets, six home football season tickets and six tickets to Iowa’s bowl game for him and his family.
Interesting to note that the contract includes more tickets to an Iowa bowl game than tickets to the NCAA final four.
If all goes well for the new head basketball coach, there is the possibility for a contract extension after the 2011-12 season. If all doesn't go well, Iowa can fire McCaffery without cause while paying him half of his guaranteed annual compensation.
Despite a entering a program with the cupboards almost bare, things are going well for Iowa's new head coach so far.
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