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Fred Hoiberg, Iowa State agree to ten-year deal through 2023

Mar 29, 2013, 9:00 AM EST

Iowa State Cyclones head coach Hoiberg reacts to a call during their third round NCAA tournament basketball game against Ohio State Buckeyes in Dayton Reuters

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On the heels of leading his alma mater to its second consecutive NCAA tournament appearance, Iowa State head coach Fred Hoiberg became a hot commodity with some outlets reporting Minnesota’s interest in him as the replacement for the recently fired Tubby Smith.

But Hoiberg won’t be going anywhere this offseason, as Iowa State announced late Thursday that the two parties came to an agreement on a new 10-year, $20 million contract that runs through 2023.

“I am very excited that we were able to put together a financial package that allows Fred to remain an integral part of our Cyclone family,” Iowa State athletic director Jamie Pollard said in a statement released by the school.

“Nobody is better suited to be our head men’s basketball coach and we wanted to show he and his family, along with all Cyclone fans, that we are committed to keeping him in Ames for the long term.”

Known as “The Mayor” in Ames since he was in high school, Hoiberg has loaded up with transfers during his tenure as head coach but with great success. Iowa State finished the 2012-13 season with a 23-12 (11-17 Big 12) record, losing a heartbreaker to Ohio State last Sunday.

Before this season the Cyclones last made back-to-back NCAA tournament trips in 2000 and 2001, and with Hoiberg signed to a long-term deal the program can now look towards the future with a sense of security.

“When I returned to the University three seasons ago, it was a dream come true,” Hoiberg said in the statement. “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 Jamie 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 and his staff have to replace three double-digit scorers, led by Big 12 Newcomer of the Year Will Clyburn, and while Chris Babb averaged just 9.1 points per game the guard was their best perimeter defender. However in forward Georges Niang the Cyclones have a player capable of being one of the best in the Big 12 in the years to come.

Raphielle also writes for the NBE Basketball Report and can be followed on Twitter at @raphiellej.