Iowa basketball: Salary details, incentives for new Hawkeye head coach Ben McCollum

IOWA CITY — Ben McCollum‘s contract with the University of Iowa is a six-year deal, with total compensation of $3,350,000 in the first year, according to a term sheet acquired by the Register from an open-records request.

The rest of the Hawkeye men’s basketball coach’s scheduled compensation is as follows:

• 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

The term sheet was included in an offer letter sent from Iowa athletics director Beth Goetz to McCollum on March 24. The university has not released McCollum‘s finalized contract yet.

Former coach Fran McCaffery made $3.4 million last season at Iowa. McCaffery had been scheduled to make $3.5 million in 2025-26.

McCollum has the opportunity to earn additional compensation each year if he hits the following incentives:

Academic (APR) Bonus (this category is non-cumulative)

• $25,000 if the APR is greater than or equal to 940
• $50,000 if the APR is greater than or equal to 960
• $75,000 if the APR is greater than or equal to 980

Team Regular-season Performance (this category is cumulative)

• $75,000 Big Ten Regular Season Champions or Co-Champions
• $50,000 Big Ten Tournament Championship Win

NCAA Tournament (this category is non-cumulative)

• $50,000 for NCAA Tournament Invitation or First Four Win
• $75,000 for NCAA Tournament Advance to Round of 32
• $100,000 for NCAA Tournament Advance to Sweet 16
• $150,000 for NCAA Tournament Advance to Elite 8
• $200,000 for NCAA Tournament Advance to Final Four
• $300,000 for NCAA Tournament Advance to National Championship
• $400,000 for NCAA Tournament Championship win

Coach of the Year (this category is cumulative)

• $50,000 for National Coach of the Year (can be either the Naismith College Coach of the Year Award, NABC, the Associated Press College Basketball Coach of the Year, or the USA Today College Basketball Coach of the Year, with a maximum of $50,000 for this national category in any one season)
• $25,000 for Big Ten Coach of the Year

Coach Voluntary Terminaton

If McCollum voluntarily resigns or accepts other employment during the otherwise unexpired contract term, he will be required to pay the total amount of liquidated damages to Ul:

• Resignation or acceptance of other employment on or before April 1, 2026: $5 million owed to UI
• Resignation or acceptance of other employment on or before April 1, 2027: $4 million owed to UI
• Resignation or acceptance of other employment on or before April 1, 2028: $3 million owed to UI
• Resignation or acceptance of other employment on or before April 1, 2029: $2 million owed to UI
• Resignation or acceptance of other employment on or before April 1, 2030: $1 million owed to UI
• Resignation or acceptance of other employment on or before April 1, 2031: $0 owed to UI

 Ul Termination Without Cause

If Iowa terminates McCollum’s employment without cause, it will pay him liquidated damages in equal monthly installments for the remainder of the contract term, according to the following schedule:

• Termination notice provided on or before April 30, 2026: 80% of Remaining Scheduled Compensation
• Termination notice provided on or before April 30, 2027: 80% of Remaining Scheduled Compensation
• Termination notice provided on or before April 30, 2028: 80% of Remaining Scheduled Compensation
• Termination notice provided on or before April 30, 2029: 60% of Remaining Scheduled Compensation
• Termination notice provided on or before April 30, 2030: 60% of Remaining Scheduled Compensation
• Termination notice provided on or before April 30, 2031: 60% of Remaining Scheduled Compensation

If Iowa were to fire McCollum in this scenario, McCollum would be required to make efforts to find another job and Iowa’s buyout would be offset by his compensation at the new job.

Assistant coaches and support staff salaries

A minimum annual salary pool of $2,095,000 for four assistant coaches and other men’s basketball specific staff members. The salary pool is subject to potential annual increases based upon conference/national trends and athletics department resources.

Other note

Iowa agreed to pay the buyout McCollum owed for leaving Drake to take the job with the Hawkeyes. The term sheet did not specify the buyout amount but stated that Iowa also agreed to pay any taxes that McCollum may owe on the buyout amount.

However, if McCollum were to leave Iowa on or before April 30, 2026, he would be required to reimburse Iowa for the buyout covered from leaving Drake. That is on top of the buyout he would have to pay Iowa.

Background on Ben McCollum

McCollum replaces longtime Hawkeye head coach Fran McCaffery. McCaffery, who spent 15 seasons in that role at Iowa, is the all-time winningest coach in program history. But after Iowa’s exit from the Big Ten Tournament this past season, the Hawkeyes elected to move on from McCaffery and embark on a new era.

The coaching search process landed on McCollum to lead the program forward.

Iowa is McCollum’s third head coaching stop.

In 15 seasons as the head coach at Northwest Missouri State, McCollum tallied an overall record of 394–91. He helped guide Northwest Missouri State to four Division II national titles.

In 2024, McCollum took over at Drake for the departed Darian DeVries.

In his first season coaching at the Division I level, McCollum led Drake to a season that garnered national attention. After earning an 11-seed in the NCAA Tournament, Drake knocked off 6-seed Missouri in the round of 64. But then the Bulldogs’ Cinderella hope was dashed by 3-seed Texas Tech in the round of 32.

Drake finished the season 31-4 overall.

McCollum has now taken the reins of the Hawkeye program.

Follow Tyler Tachman on X @Tyler_T15, contact via email at ttachman@gannett.com

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