It took just two years for Fran McCaffery to prove he was the right man for the Iowa basketball job.
The school announced Tuesday that McCaffery was being rewarded for his efforts with a new contract that would keep him in Iowa City "for the foreseeable future."
The new agreement calls for McCaffery to receiver a minimum average of $1.66 million annually over the length of the contract, beginning with a base salary of $1.3 million for the upcoming season. The base salary moves McCaffery to the upper half of the Big Ten Conference in comparison to his colleagues, according to the school's press release.
McCaffery could make as much as $1.86 million if the Hawkeyes reach the NCAA tournament next March.
"Two years into his tenure, I'm thrilled with where Fran is taking our program," UI athletics director Gary Barta said in the release. "He has done an outstanding job, in all phases. We are pleased that the victory total has increased in the last two seasons. But, as important, Fran has demonstrated a total commitment in all phases of the program, including recruiting, community involvement and commitment to academic performance."
McCaffery led the Hawkeyes to a berth in the National Invitation Tournament in his second season at the helm of the program. It was Iowa's first postseason appearance since being ousted from the NCAA tourney's first round under former coach Steve Alford in 2006.
"Fran's teams have revitalized our fan base, proving we can compete with any opponent coming in to Carver-Hawkeye Arena," added Barta. "His teams posted signature wins to close out the home season in each of the past two years and is in position to take the next step forward in the immediate future."
McCaffery will discuss his new deal in a Tuesday afternoon teleconference with the media. Stay tuned for further details.