This is a press release from the University of Iowa:

University of Iowa men’s basketball coach Fran McCaffery has signed a new contract to continue as the Hawkeye head basketball coach for the foreseeable future. The agreement was announced today by UI Director of Athletics Gary Barta.

The seven-year agreement guarantees McCaffery a minimum average of $1.66 million annually over the length of the contract, beginning with a base salary of $1.3 million in 2012-13. The base salary moves McCaffery to the upper half of the Big Ten Conference in comparison to his colleagues.

McCaffery’s average compensation for the full term of the new contract could climb to $1.86 million per year should next year’s UI men’s basketball team earn a position in the 2013 NCAA Division I Men’s Basketball Championship. As was the case with his previous contract, McCaffery can also earn additional compensation annually by achieving certain competitive and academic benchmarks.

“Two years into his tenure, I’m thrilled with where Fran is taking our program,” said Barta in announcing the agreement. “He has done an outstanding job, in all phases. We are pleased that the victory total has increased in the last two seasons. But, as important, Fran has demonstrated a total commitment in all phases of the program, including recruiting, community involvement and commitment to academic performance.”

In his first two years at Iowa McCaffery has brought enthusiasm and excitement back to the Hawkeye basketball program. McCaffery coached the Hawkeyes to 18 wins and an NIT bid in 2012, as Iowa improved by seven wins from 2011 to 2012. Additionally, McCaffery guided Iowa to four more Big Ten victories in 2012 than the previous season, which is the best improvement for an Iowa squad since 1994 to 1995.

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Iowa’s NIT bid was its first postseason action since 2006 and after beating Dayton 84-75, the win was the program’s first in the postseason since 2003. Over 13,000 energized Hawkeye fans bought tickets on one-days-notice for the NIT home game, which was the highest attended NIT game of 2012.

“Fran’s teams have revitalized our fan base, proving we can compete with any opponent coming in to Carver-Hawkeye Arena,” added Barta. “His teams posted signature wins to close out the home season in each of the past two years and is in position to take the next step forward in the immediate future.”

McCaffery was one of only four Big Ten coaches to record at least four wins over ranked opponents in 2012, and the only one to accomplish the feat with an unranked team. Fans have flocked back to Mediacom Court at Carver-Hawkeye Arena the past two seasons to watch the Hawkeyes; Iowa’s attendance has increased by more than 20 percent since 2010. In 16 seasons as a head coach, he has posted a record of 280-214 (.567).

“I am very excited to sign this contract,” said McCaffery. “We have made tremendous progress in all phases of the program in two seasons. I appreciate the support and confidence expressed by President Sally Mason and Gary Barta in signing this contract.

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No surprises at Carver-Hawkeye Arena Saturday. The better team rolled to victory.

“We are committed to continued improvement,” added McCaffery. “We have made progress during both the regular season and in post-season play with our participation in the 2012 NIT. Our players know they have the complete support of the University and we look forward to the upcoming seasons.”

Iowa’s incoming recruiting class is ranked among the top 20 in the nation as McCaffery’s squad returns all but two starters from a year ago.