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Iowa basketball has signed Ben McCollum to a six-year contract extension after a successful first season, leading the team to 24 wins and the Elite Eight. The contract finalizes ongoing negotiations between McCollum and the university.
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Iowa basketball announced that it had signed Ben McCollum to a six-year contract extension on Monday.
In his first season at the helm, McCollum led Iowa to 24 wins and to the Elite Eight for the first time in 39 years. Iowa athletics director Beth Goetz said last month that the university and coach McCollum were working toward finalizing a contract extension.
Monday's news brings those efforts to the finish line.
Per the Des Moines Register's Chad Leistikow, here's the annual salary breakdown for coach McCollum under his contract extension:
McCollum's $4.35 million salary next season is up from the $3.6 million he was set to be due. McCollum's buyout starts at $5 million before April 1, 2027. It dips to $4 million before April 1, 2028, and then would be $2.5 million by the third year and decreased thereafter.
If Iowa fires McCollum without cause, McCollum is due 80% of the remaining contract over the first three years of the deal. After April 30, 2029, the buyout dips to 60% of the remaining contract.
McCollum's incentives include $75,000 for a regular-season Big Ten championship and $50,000 for a Big Ten Tournament championship.
McCollum has a non-cumulative NCAA Tournament bonus, too:
Ben McCollum's annual salary details have not been disclosed in the announcement.
The contract extension is for six years, securing McCollum's position as head coach of Iowa basketball.
In his first season, Ben McCollum led Iowa to 24 wins and reached the Elite Eight for the first time in 39 years.

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McCollum would earn $25,000 if Iowa's APR is .940 and above, $50,000 if Iowa's APR is .960 and above or $75,000 if Iowa's APR is .980 or above.
McCollum would also earn $25,000 if he is named Big Ten Coach of the Year and $50,000 if he's recognized as National Coach of the Year (Naismith, NABC, Associated Press, USA TODAY).
McCollum's assistant coaching salary pool also increased by $107,500 for four assistant coaches and other men's basketball-specific staff members. The new minimum annual salary is $2,202,500.
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This article originally appeared on Hawkeyes Wire: Ben McCollum contract extension salary, buyout with Iowa basketball