How much is Fran McCaffery's contract buyout for Iowa basketball?
The University of Iowa has decided to part ways with men's basketball coach Fran McCaffery after 15 seasons. The school announced the move Friday afternoon.
The Hawkeyes finished 17-16 and lost to Illinois in the second round of the Big Ten Tournament. McCaffery finishes his Iowa tenure with a 297-207 record.
What does the university owe McCaffery in his contract buyout? Here are the details:
How many years does Fran McCaffery have left on his contract? How much does the Iowa basketball coach make?
McCaffery’s most recent contract was signed on March 12, 2021, in the wake of Iowa getting a No. 2 seed in the NCAA Tournament, an agreement that extended his services through June 30, 2028.
With Iowa wanting to get out of the deal – termination without cause – it owes McCaffery “60% of his base salary for each year (or portion thereof) remaining” in his contract.
The “base salary” is key language here, because while McCaffery’s total compensation for the university for the 2024-25 season is $3.4 million, only $2,050,000 of that is considered “base salary.” McCaffery is due an additional $900,000 for this contract year for public-speaking appearances, fund-raising and camps; he gets $300,000 for television and radio appearances (half of which is paid by Learfield Communications); and $150,000 from Nike for apparel/shoes (paid by Nike but guaranteed income).
What is Fran McCaffery’s buyout?
McCaffery’s base salary for the three years remaining on his contract (after the current one) is $2,100,000 for 2025-26; $2,150,000 for 2026-27; and $2,250,000 for 2027-28. Taking 60% of that total equals $3.9 million.
McCaffery also is owed 60% of his base salary for the remaining 3½ months of this contract year (through June 30) – which computes to $358,750.
Thus, McCaffery’s buyout is roughly $4.26 million.
Also, according to McCaffery’s contract terms, Iowa can pay the buyout over the course of 36 months, meaning on average it would cost the university athletics department about $1.42 million per year for three years to move on from McCaffery.