Fred Hoiberg and Iowa State Agree on 10-Year, $20-Million Extension

NBA teams won't get the chance to interview Iowa State head coach Fred Hoiberg for one of their head coaching vacancies next season.

In fact, Hoiberg could be off the NBA market for a long, long time.

Hoiberg and Iowa State agreed on a 10-year, $20 million contract extension that will keep the 40-year-old head coach in Ames through the 2023 season if he stays in town through the lifetime of the deal. Jamie Pollard, athletic director at Iowa State, tweeted out the news on Thursday evening:

In just three seasons with Iowa State, Hoiberg has completely changed the culture of a fluttering program.

After a seven-year NCAA tournament drought, Hoiberg has taken the Cyclones to the third round of the Big Dance the past two seasons.

In 2012, Iowa State lost to eventual-champion Kentucky, and this year, a late Aaron Craft three gave Ohio State a chance to be the second-straight champion to beat Iowa State en route to the title. 

Through three full seasons, Hoiberg's record with the Cyclones is 62-39. He's also 26-26 in Big 12 play, a mark that doesn't exactly jump off the page but is impressive nonetheless with powerhouse schools Kansas, Kansas State and Oklahoma State all on the schedule twice per season.

Under his leadership, the team finished with a 23-12 record in 2013, beat both Kansas State and Oklahoma State in thrilling upsets and took No. 1 seed Kansas to overtime twice (both losses).

In 2012, Hoiberg won the Co-Big 12 Coach of the Year award, along with Kansas' Bill Self.

He was also rewarded by the university on Thursday night, a move that keeps the former Cyclone guard at the helm for quite some time. Hoiberg was a four-year starter for the Cyclones in the early 1990s before enjoying a 10-year NBA career with the Indiana Pacers, Chicago Bulls and Minnesota Timberwolves.

Hoiberg will have to bounce back next season without seniors Will Clyburn, Korie Lucious, Tyrus McGee and Chris Babb. All are headed for greener pastures next season, but the return of Melvin Ejim and Georges Niang should give Iowa State a solid start for the rebuilding process.

The city of Ames, Iowa can rejoice tonight, because its head coach has been rewarded for his efforts in turning Iowa State into an attractive basketball program yet again.