Beth Goetz, Iowa working toward Ben McCollum contract extension

Iowa athletics director Beth Goetz confirmed to the Des Moines Register that it is working on a contract extension with head men's basketball coach Ben McCollum.

McCollum just led Iowa to a 24-win season and to its first Elite Eight appearance since 1987.

“Ben and I have been in close contact throughout the (NCAA) tournament and feel like we’re certainly going to make some adjustments to his agreement," Goetz said. "And so, we’ll have that done here soon and feel really good about where we are.”

Per Tyler Tachman's report with the Des Moines Register, it would include an increase in both years and money for McCollum when finished.

“As soon as we get that to a point where we’re obviously ready to execute it, it’ll be public. But we feel like we’re in a really great place. He had a heck of a season and I think it certainly makes sense that we would look to make sure we can continue to help him build a championship culture here at Iowa," Goetz said.

McCollum's current contract runs through April 30, 2031. Before bonuses, McCollum earned $3.35 million in his first season with the Hawkeyes. Thanks to Iowa's march to the Elite Eight, McCollum pocketed an additional $150,000 NCAA Tournament bonus.

McCollum is currently set to earn $3.6 million in the second year of his six-year deal with the Hawkeyes. Here's a look at the yearly salary breakdown on McCollum's current deal with Iowa:

• May 1, 2026-April 30, 2027: $3.6 million
• May 1, 2027-April 30, 2028: $3.8 million
• May 1, 2028-April 30, 2029: $3.9 million
• May 1, 2029-April 30, 2030: $4 million
• May 1, 2030-April 30, 2031: $4.1 million

McCollum reportedly turned down an interview with North Carolina, opting to stay in Iowa City and keep building what he's started.

It's terrific news for Hawkeye fans that Goetz clearly understands and appreciates what Iowa has in its head men's basketball coach. A new contract for McCollum sounds like it's just around the corner.

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This article originally appeared on Hawkeyes Wire: Iowa basketball working on Ben McCollum contract extension