Fred Hoiberg will return as Nebraska's men's basketball head coach next season, athletic director Trev Alberts announced Thursday night.
The Cornhuskers' loss at Northwestern earlier this week dropped them to 7-20 overall and 1-15 in the Big Ten. In three seasons at the helm, Hoiberg is 6-49 in conference play.
"Over the past few weeks, I have had several productive meetings with coach Hoiberg, and we agree the results of our team are not acceptable," Alberts said. "No one is more disappointed or frustrated than Fred Hoiberg. I have known Fred for a long time and watched him build and lead successful teams.
"Fred has presented a plan to me that I believe is in the best long-term interest of the Nebraska athletic department and our men's basketball program. Additionally, Fred has agreed to restructure his contract to help us make the changes that are necessary to reorient our program. I believe in Fred and look forward to working with him as he executes his vision for the future of Nebraska men's basketball."
Hoiberg's buyout was believed to be around $18.5 million had he been let go after this season; under the restructured contract, his buyout drops to $11 million.
"As I said when I was hired three years ago, it is an honor to be the men's basketball coach at the University of Nebraska, and I am excited to continue to lead the Husker program," Hoiberg said. "This has always been a special place to me and my family, and we have grown to love the Lincoln community in our time here.
"I appreciate the confidence that Trev Alberts and university leadership has shown in me. Our results on the court have not been what anyone would have hoped, but I am more committed than ever to building a successful basketball program at Nebraska."
Hoiberg was hired in 2019 to replace Tim Miles. He had spent more than three seasons as the head coach of the Chicago Bulls after a successful five-year stint as the head coach at Iowa State, where he led the Cyclones to four NCAA tournaments and one Sweet 16 appearance.
Hoiberg, who was born in Lincoln and whose grandfather was the head basketball coach from 1955-1963, initially signed a seven-year, $25 million contract.