How much is Fran McCaffery’s contract buyout for Iowa basketball?

The grumbles are getting louder in the Iowa men’s basketball fan base about the direction of the program after the Hawkeyes’ 82-65 loss at Ohio State on Monday.

The Hawkeyes have been defeated in four consecutive road games by margins of 31, 10, 24 and 17 and dropped to 13-8 overall, 4-6 in Big Ten Conference play. They next host Purdue, one of the top teams in the league, on Feb. 4.What would the University of Iowa owe 15-year head coach Fran McCaffery if he is not retained through the end of his contract?

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.

If Iowa wanted to get out of the deal – termination without cause – it would owe 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) are $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.

If Iowa were to terminate McCaffery on, say, April 1, he would also be owed 60% of his base salary for the remaining three months of this contract year (through June 30) – which computes to $307,500.

Thus, McCaffery’s buyout would be roughly $4.2 million if he were fired around April 1. Add a few thousand bucks if such a move was executed earlier in March. Iowa’s final regular-season game is March 9. The Big Ten Tournament runs March 12-16 in Indianapolis.

Also, according to McCaffery’s contract terms, Iowa could pay the buyout over the course of 36 months, meaning on average it would cost the university athletics department about $1.4 million per year for three years to move on from McCaffery.

Fran McCaffery contract with University of Iowa