May 8, 2013, 3:52 PM EST
When dealing with head coaching contracts these days, the key number to look for isn’t the number of years that he signs for.
It’s the buyout.
Rare is the case when a coach actually lives out the entirety of his contract. Usually, he leaves for a better job or ends up getting fired, which is why that buyout number becomes so important. How expensive will it be to make a change?
Fred Hoiberg is a perfect example. He signed a 10-year, $20 million contract extension with Iowa State in March, but it wasn’t until this week that we found out the numbers surrounding his contract. Hoiberg has a $2 million buyout if he leaves Ames, IA, for another school, which is a number big enough that it should keep Hoiberg a Cyclone for a long, long time. That’s a lot of money for a school — or a coach — to pony up.
But Hoiberg’s buyout if he leaves for an NBA job is just $500,000, which is significant for two reasons: A) Many people believe that Hoiberg’s next destination is going to be the NBA, and B) That kind of money is pocket change for an NBA franchise. From ESPN.com’s Myron Medcalf:
During our conversation in Ames a few months ago, he mentioned that he initially thought he’d begin his career in the NBA.
And I honestly believe that’s his next step. The buyout might deter college teams, but the NBA — he was an executive with the Minnesota Timberwolves after he retired in 2006 due to a heart condition — could be his final destination.
I think Hoiberg is one of the top young head coaches in America. He’s led the Cyclones to consecutive NCAA tournament appearances. And he’s enhanced the program’s recruiting pool.
But he’s an NBA coach or executive.
Bottom-line: Hoiberg isn’t leaving Iowa State for another college. That $2 million buyout could be $2, and I don’t think it would matter. He’s was born and raised in Ames. He was a Cyclone fan growing up and played his college ball there. His family is in the area. There’s a reason he’s called ‘The Mayor’.
If Duke or North Carolina came calling, that may be a different story.
But two trips to the NCAA tournament at Iowa State isn’t going to get you a job with one of the bluebloods.
For a guy that’s played in the NBA and has spent time as an executive in the NBA, that may be enough to get him some consideration for a job at that level.
You can find Rob on twitter @RobDauster.
Mar 8, 2014, 1:00 AM EST
A recap of Friday night’s action, including Harvard wrapping up the Ivy League crown
Mar 7, 2014, 10:22 PM EST
Siyani Chambers and company played much better in the rematch, beating Yale to earn a third consecutive NCAA tournament berth.
Mar 7, 2014, 9:38 PM EST
Meet Harvard, the first team to wrap up a spot in the 2014 NCAA tournament.
Mar 7, 2014, 7:15 PM EST
Harvard looks to wrap up its third consecutive trip to the NCAA tournament.
Mar 7, 2014, 6:25 PM EST
South Carolina head coach Frank Martin met with the media to address the actions that led to his one-game suspension
Mar 7, 2014, 5:03 PM EST
UCSB issues a statement regarding Thursday’s incident in which a fan confronted Hawaii head coach Gib Arnold on the court
Mar 7, 2014, 3:43 PM EST
No. 2 Wichita State moves to 32-0, with their big men performing well in their “Arch Madness” opener.
2014 Summit League Tournament Preview: North Dakota State looks to avenge last year’s title-game loss
Mar 7, 2014, 3:00 PM EST
North Dakota State is looking to avenge last season’s Summit League title game loss by winning the 2014 Summit League Conference Tournament after winning the regular season crown.
Mar 7, 2014, 2:27 PM EST
Winthrop’s Andre Smith provides the latest buzzer-beater, knocking off Big South regular season champ High Point.
Mar 7, 2014, 1:36 PM EST
Longtime Syracuse fan receives a special present eight days prior to her 100th birthday
Mar 7, 2014, 12:26 PM EST
A look at the 2009 Big East quarterfinal between UConn and Syracuse, nearly five years after the game was played.
Mar 7, 2014, 12:00 PM EST
It’s no longer a league dominated by Vermont, Albany and Boston U. Perhaps this bodes well for Steve Pikiell’s squad.
Mar 7, 2014, 10:40 AM EST
Five conference tournaments in action, and Harvard looks to punch its ticket to the Big Dance.
Mar 7, 2014, 9:21 AM EST
Going to be a busy week for all the bubble teams, too.
Mar 7, 2014, 8:50 AM EST
Duke vs. North Carolina highlights a spate of ranked matchups, not to mention teams will start snagging tickets to the Big dance as well.
Mar 7, 2014, 2:54 AM EST
Wildcats stay in contention for a No. 1 seed in NCAA tournament, while a Southland shootout takes game of night honors.
Mar 7, 2014, 1:13 AM EST
Hawkeyes sure didn’t mind conceding open looks on Thursday.
Mar 7, 2014, 1:05 AM EST
There are 11 days left until Selection Sunday. Every morning from now until the bracket comes out, we’ll help you get caught up on the happenings with impact on the bubble from the night before.
Mar 7, 2014, 12:32 AM EST
Loyola-Illinois got the hang of the MVC tournament in a hurry.
- Harvard wraps up third consecutive NCAA tournament berth (VIDEO) 0
- Weekend Preview: The regular season comes to a close 1
- For the first time in months, No. 22 Michigan State and Keith Appling look healthy 4
- Senior starters once again carry No. 15 Cincinnati 0
- Doug McDermott’s career still missing most important part: His One Shining Moment 0
- Bryce Cotton, Providence’s marathon man, looking to lead the Friars on a run to the NCAA tournament 0
- Bubble Banter: Colorado, Dayton the day’s biggest winners 1
- Undefeated regular season says all we need to know about No. 2 Wichita State (9)
- No. 7 Syracuse falls to Georgia Tech in a shocking home loss (9)
- Finally at full strength, Michigan State sleepwalks through loss to Illinois (6)
- Kentucky hits rock bottom, loses at South Carolina (6)
- College Basketball Talk’s latest Top 25 (6)