DES MOINES, Iowa -- Iowa State coach Fred Hoiberg's successful second season landed him a new contract with a hefty raise.
The school announced Tuesday the former Cyclones star and longtime NBA player has agreed to an eight-year deal worth $1.5 million per year that runs through 2021.
Iowa State said terms of the contract will be released at a later date, but this deal will replace the five-year, $4.5 million deal Hoiberg signed when he took over in April 2010.
Hoiberg, who grew up in Ames and earned the nickname "The Mayor" for his exploits playing for the Cyclones in the mid-90s, will nearly double his annual salary of roughly $800,000.
"Fred is so much more than a great basketball coach," Iowa State athletic director Jamie Pollard said. "He is an outstanding leader with quiet confidence, long-term vision and a popularity with the fan base that is hard to describe."
Hoiberg never had coached at any level when Iowa State picked him to replace Greg McDermott in 2010. But after a rocky first season, Hoiberg thrived with a team made up largely of transfers in 2011-12.
The Cyclones won 23 games last season and reached the NCAA tournament for the first time since 2005, rallying a passionate fan base that was starved for a winner. Iowa State beat Connecticut before losing to eventual national champion Kentucky.
The Cyclones finished third in the Big 12 after being picked to wind up near the league cellar.
"Returning to Ames has been so much more than expected for our family, and I'm thrilled to have the chance to continue developing a nationally competitive program at Iowa State," Hoiberg said. "I am humbled with the extension, to say the least, and anxious to continue our journey at Iowa State."
The Cyclones will lose star Royce White and guards Chris Allen and Scott Christopherson next season. But marquee transfers Will Clyburn and Korie Lucious will bolster a roster that returns starters Chris Babb and Melvin Ejim, along with a strong recruiting class.