McCollum gets $1M raise in 6-year contract signed after Iowa made first Elite Eight since 1987

IOWA CITY, Iowa (AP) - Coach Ben McCollum has received an immediate $1 million raise under a six-year contract he signed last week, just over a month after he led Iowa to its first Elite Eight appearance in 39 years.

According to the contract, obtained Monday by The Associated Press through an open records request, McCollum will be paid $4.35 million in 2026-27, with raises of $100,000 each year through 2031-32. His salary was $3.35 million in 2025-26.

McCollum's bonus structure remains mostly the same, with incentives for winning Big Ten regular-season or tournament titles, making and advancing in the NCAA Tournament, players' academic performance and receiving coaching honors.

McCollum would owe the university $5 million if he were to take another job before April 1, 2027, and $4 million if he did so before April 1, 2028. His cost to get out of the contract would be $2.5 million by the third year and decrease thereafter.

The Hawkeyes were 24-13 overall and 10-10 in the Big Ten Conference in McCollum's first season. Iowa defeated three higher-seeded teams in the NCAA Tournament in Clemson, defending national champion Florida and Nebraska. The season ended with a 71-59 loss to Illinois in the regional final in Houston.

"This extension reflects not only our recent success, but the strong alignment we have with Coach McCollum's vision for Iowa basketball," athletic director Beth Goetz said. "The culture he and his staff have developed, the way they represent our institution, and the connection created with the Hawkeye community have been incredibly meaningful."

McCollum joined Tom Davis as the only other first-year men's basketball coach to win at least 20 games and advance to the Elite Eight. The 24 wins were tied for fifth most in a season at Iowa.

McCollum has made a fast ascent. He coached 15 years at Division II Northwest Missouri State before going to Drake in 2024-25. He left after one season to take over at Iowa. In two Division I seasons, McCollum is 55-17 with four NCAA Tournament wins in two appearances.

"We have a strong foundation in place," McCollum said, "and we have great momentum moving forward. We are eager to build on our success and elevate this program at the highest level."