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IOWA CITY — A reworked contract that was more than one month in the making finally became official on May 11.
Ben McCollum’s new deal with Iowa basketball was publicly announced by Director of Athletics Beth Goetz.
In his first season at Iowa, McCollum led the program to its first Elite Eight since 1987. The thrilling March Madness run included knocking off 1-seed Florida and rival Nebraska.
McCollum’s successful first season at the helm earned him an updated contract at Iowa.
Here are some key numbers to know in the new contract.
While this is labeled as a contract extension, it’s not lengthened by much.
McCollum’s original contract was set to run through April 30, 2031. His new contract goes through April 30, 2032. So, the updated deal only tacks on one more year.
The coach is now under contract at Iowa for six more seasons.
More: Ben McCollum's contract signals 'aligned' Iowa basketball mission | Leistikow
That is McCollum’s total compensation (not including incentives) for the first year of his new contract.
For comparison, that figure was $3.35 million in the first year of his old deal. McCollum’s first year ended up being worth more than that $3.35 million, because the Elite Eight appearance triggered a $150,000 bonus.
Still, McCollum is getting a noticeable pay bump.
In his new contract, McCollum’s total compensation (not including incentives) begins at $4.35 million in year one and reaches $4.85 million in year six. Whereas, in his old deal, McCollum’s total compensation (not including incentives) began at $3.35 million in year one and was set to reach $4.1 million in year six.
The $4.35 million that McCollum is set to make in the first year of his new contract would put him in the neighborhood of 20th nationally compared to the salaries of men’s college basketball coaches last season, according to USA TODAY’s database.
McCollum’s incentives are unchanged from his old contract.
This is what McCollum would owe Iowa if he were to voluntarily step down or accept another job on, or before, April 1, 2027. That $5 million figure drops each year until it reaches zero.
This is important because McCollum has the resume of someone who has been — and could continue to be — coveted on the coaching carousel.
According to CBS Sports’ Matt Norlander, North Carolina wanted to conduct an in-person interview with McCollum for its head-coaching vacancy this year, but the Iowa coach turned down the offer. UNC is widely viewed as one of the top jobs in college basketball, and the fact that McCollum didn’t even go through with a formal interview speaks to his commitment to Iowa.
Keeping McCollum in Iowa City for as long as possible should be a priority for Goetz. McCollum, who won four Division II national titles at Northwest Missouri State, is viewed as one of college basketball’s bright young minds. He made the NCAA Tournament in each of his first two seasons coaching at the Division I level, including an Elite Eight appearance.
McCollum just turned 45 years old in April.
More: Iowa basketball coach Ben McCollum signs contract extension
That is the minimum annual salary pool for Iowa’s assistant coaches and other men’s basketball-specific staff members in McCollum's new contract.
The contract also states that: “The salary pool will be subject to potential annual increases based upon conference and national salary market data – as appropriate and agreed upon by Coach and Athletic Director - performance and departmental budget.”
In McCollum’s original contract, the minimum annual salary pool for Iowa’s assistant coaches and other men’s basketball-specific staff members was $2,095,000.
So his new deal makes for a $107,500 increase annually, arming McCollum with more financial resources to support his staff.
Follow Tyler Tachman on X @Tyler_T15, contact via email at [email protected]
This article originally appeared on Des Moines Register: Breaking down Ben McCollum's new Iowa basketball contract
Continue reading...
Ben McCollum’s new deal with Iowa basketball was publicly announced by Director of Athletics Beth Goetz.
In his first season at Iowa, McCollum led the program to its first Elite Eight since 1987. The thrilling March Madness run included knocking off 1-seed Florida and rival Nebraska.
McCollum’s successful first season at the helm earned him an updated contract at Iowa.
Here are some key numbers to know in the new contract.
2032
While this is labeled as a contract extension, it’s not lengthened by much.
McCollum’s original contract was set to run through April 30, 2031. His new contract goes through April 30, 2032. So, the updated deal only tacks on one more year.
The coach is now under contract at Iowa for six more seasons.
More: Ben McCollum's contract signals 'aligned' Iowa basketball mission | Leistikow
$4.35 million
That is McCollum’s total compensation (not including incentives) for the first year of his new contract.
For comparison, that figure was $3.35 million in the first year of his old deal. McCollum’s first year ended up being worth more than that $3.35 million, because the Elite Eight appearance triggered a $150,000 bonus.
Still, McCollum is getting a noticeable pay bump.
In his new contract, McCollum’s total compensation (not including incentives) begins at $4.35 million in year one and reaches $4.85 million in year six. Whereas, in his old deal, McCollum’s total compensation (not including incentives) began at $3.35 million in year one and was set to reach $4.1 million in year six.
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The $4.35 million that McCollum is set to make in the first year of his new contract would put him in the neighborhood of 20th nationally compared to the salaries of men’s college basketball coaches last season, according to USA TODAY’s database.
McCollum’s incentives are unchanged from his old contract.
You must be registered for see images attach
$5 million
This is what McCollum would owe Iowa if he were to voluntarily step down or accept another job on, or before, April 1, 2027. That $5 million figure drops each year until it reaches zero.
This is important because McCollum has the resume of someone who has been — and could continue to be — coveted on the coaching carousel.
You must be registered for see images attach
According to CBS Sports’ Matt Norlander, North Carolina wanted to conduct an in-person interview with McCollum for its head-coaching vacancy this year, but the Iowa coach turned down the offer. UNC is widely viewed as one of the top jobs in college basketball, and the fact that McCollum didn’t even go through with a formal interview speaks to his commitment to Iowa.
Keeping McCollum in Iowa City for as long as possible should be a priority for Goetz. McCollum, who won four Division II national titles at Northwest Missouri State, is viewed as one of college basketball’s bright young minds. He made the NCAA Tournament in each of his first two seasons coaching at the Division I level, including an Elite Eight appearance.
McCollum just turned 45 years old in April.
More: Iowa basketball coach Ben McCollum signs contract extension
$2,202,500
That is the minimum annual salary pool for Iowa’s assistant coaches and other men’s basketball-specific staff members in McCollum's new contract.
The contract also states that: “The salary pool will be subject to potential annual increases based upon conference and national salary market data – as appropriate and agreed upon by Coach and Athletic Director - performance and departmental budget.”
In McCollum’s original contract, the minimum annual salary pool for Iowa’s assistant coaches and other men’s basketball-specific staff members was $2,095,000.
So his new deal makes for a $107,500 increase annually, arming McCollum with more financial resources to support his staff.
Follow Tyler Tachman on X @Tyler_T15, contact via email at [email protected]
This article originally appeared on Des Moines Register: Breaking down Ben McCollum's new Iowa basketball contract
Continue reading...
