May 8, 2013, 3:52 PM EDT
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.
Sep 16, 2014, 11:15 PM EDT
The tallest player in high school basketball has some visits set.
Sep 16, 2014, 10:15 PM EDT
Missouri will move on with team-related activities without two freshmen following an arrest.
Sep 16, 2014, 9:15 PM EDT
Arizona State has cut ties with a junior college forward and 2015 recruit was who arrested over the weekend.
Sep 16, 2014, 8:15 PM EDT
Bo Ryan shows he’s a big man on campus at Wisconsin following his Final Four appearance.
Sep 16, 2014, 7:15 PM EDT
Jalen Rose says that former teammates Chris Webber needs to apologize.
Sep 16, 2014, 6:06 PM EDT
The Longhorns pull in a commitment from a good guard in 2015.
Sep 16, 2014, 5:46 PM EDT
Kevin Stallings has earned four commitments in 2015.
Sep 16, 2014, 4:44 PM EDT
The five-star recruit decommitted from Louisville, and what it has to do with shoe companies.
Sep 16, 2014, 2:55 PM EDT
There are also a limited number of ugly road weeks.
Sep 16, 2014, 11:52 AM EDT
Wojcik was fired with cause for allegedly abusing his players.
Sep 16, 2014, 10:54 AM EDT
Mudiays $1.2 million deal with a team in China will now be significantly supplemented.
Sep 16, 2014, 9:50 AM EDT
Have you ever seen ‘Goodfellas’? You’ll recognize one of the main players in this story.
Sep 16, 2014, 9:00 AM EDT
Ivan Rabb is one of the best centers in the country.
Sep 15, 2014, 10:33 PM EDT
Five-star shooting guard Antonio Blakeney has opened it back up.
Sep 15, 2014, 10:22 PM EDT
The Bearcats added a 2015 recruit on Monday night.
Sep 15, 2014, 9:45 PM EDT
Kansas begins a two-week Boot Camp today.
Sep 15, 2014, 8:30 PM EDT
Shaquille Johnson is in trouble at his new home.
Sep 15, 2014, 7:30 PM EDT
Things are getting interesting between the Pitinos as we get closer to the Minnesota and Louisville game.
Sep 15, 2014, 6:30 PM EDT
Florida International had some bad luck over the weekend.
Sep 15, 2014, 5:30 PM EDT
Charlotte head coach Alan Major has returned to the team.
- Jalen Rose believes Chris Webber should apologize for what happened at Michigan 1
- Thoughts on Antonio Blakeney, shoe companies and decommitments 0
- Top prospect in Class of 2014 signs endorsement deal with Under Armour 0
- Five-star shooting guard Antonio Blakeney decommits from Louisville 3
- Richard Pitino warns Minnesota fans not to trust his dad before Louisville opener 2
- CBT’s Recruiting Roundup: UConn and Arizona land 2015 big men, 2015 commitments flying off the board 0
- USA Basketball, Mike Krzyzewski and thoughts on today’s ‘takedown’ 4
- Former Indiana guard A.J. Guyton writes an open letter to Bob Knight (6)
- USA Basketball, Mike Krzyzewski and thoughts on today’s ‘takedown’ (4)
- Bo Ryan hits golf balls into Wisconsin’s Camp Randall Stadium (PHOTO) (4)
- Four-star power forward becomes Indiana’s first 2015 commitment (3)
- Arizona State commit arrested for allegedly shoplifting less than $20 in DVDs from Walmart (3)