LINCOLN — New Nebraska men’s basketball coach Fred Hoiberg’s contract is for seven years and $25 million. It is the biggest contract in NU basketball history.
Nebraska will now employ one of the highest paid coaches in college basketball.
In terms of total pay, Hoiberg’s $3.57 million a year salary is higher than all but 10 coaches nationally and two in the Big Ten made this season, according to USA Today. He ranks behind just Michigan State’s Tom Izzo, who makes $4.15 a year, and Michigan’s John Beilein, who makes $3.8 million.
Hoiberg’s salary is higher than the 2019 compensation for Indiana’s Archie Miller, Tennessee’s Rick Barnes and Texas’ Shaka Smart.
The increase in spending is a major move for Nebraska, which paid Tim Miles $2.37 million for the 2018-19 season. That was 44th in the country and eighth in the Big Ten.
The Big Ten average was about $2.7 million this season.
Miles was fired Tuesday after seven seasons. Hoiberg finalized his contract Saturday morning. He made $5 million a year at his previous job coaching the Chicago Bulls. While at Iowa State, Hoiberg made $2.6 million a year.
Combined, Nebraska will pay its head football and basketball coaches $8.57 million a year, which ranks among the highest combinations in the country.
Scott Frost ranks 10th in the country with a $5 million a year salary. That ranks third in the Big Ten.
Top 10 men's college basketball salaries:
1. John Calipari, Kentucky: $9.2 million
2. Mike Krzyzewski, Duke: $7.04 million
3. Tom Izzo, Michigan State: $4.15 million
4. Tony Bennett, Virginia: $4.15 million
5. Bill Self, Kansas: $4.066 million
6. Chris Mack, Louisville: $4.007 million
7. Roy Williams, North Carolina: $3.92 million
8 Jay Wright, Villanova: $3.8 million
9. Bob Huggins, West Virginia: $3.86 million
10. John Beilein, Michigan: $3.8 million
11. Fred Hoiberg, Nebraska: $3.57 million
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Big Ten men's basketball salaries
Michigan: John Beilein, $3.8 million
Michigan State: Tom Izzo, $3,732,562
Nebraska: Fred Hoiberg, $3.57 million
Indiana: Archie Miller, $3.25 million
Ohio State: Chris Holtmann, $3,013,750
Illinois: Brad Underwood, $2.85 million
Maryland: Mark Turgeon, $2,847,232
Purdue: Matt Painter, $2.825 million
Wisconsin: Greg Gard, $2.35 million
Iowa: Fran McCaffery, $2.3 million
Minnesota: Richard Pitino, $2,188,141
Rutgers: Steve Pikiell, $1.6 million
Northwestern: Chris Collins, $1,507,154
*Penn State is protected by Pennsylvania state law from providing salary figures for coach Patrick Chambers.
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Fred Hoiberg received a scholarship offer from Tom Osborne and the Huskers, but instead chose to play basketball at Iowa State. He finished his career with 1,993 points, third most in program history. Hoiberg was also named the 1992 Big Eight freshman of the year and earned first team All-Big Eight honors as a senior.
Fred Hoiberg played 10 seasons in the NBA, including two with the Minnesota Timberwolves. Hoiberg averaged 5.4 points per game and 2.7 rebounds per game during his career.
Fred Hoiberg retired from the NBA on April 17, 2006, and joined the Timberwolves' front office. He underwent successful heart surgery on June 28, 2005 to correct an enlarged aortic root and did not play during the 2005-06 campaign.
Minnesota Timberwolves assistant general manager Fred Hoiberg shows a teddy bear at the 2008 NBA draft lottery. Hoiberg received the teddy bear from 12-year-old Matthew Gamber. Gamber — who was born with a growth around his heart and underwent a liver transplant when he was six months old — loaned Hoiberg the teddy bear that has accompanied him to the hospital for more than 100 surgical procedures in his short life. "He has always brought us a lot of luck when he's in the building," Hoiberg said of Gamber, who attended three victories over Phoenix and one over Utah the past two seasons. "Hopefully, he can help us out with this lucky bear."
Fred Hoiberg is introduced as Iowa State's new head basketball coach on April 27, 2010, replacing Greg McDermott, who left ISU to take the head coaching position at Creighton.
Iowa State coach Fred Hoiberg, left, greets Creighton coach Greg McDermott before a game on Nov. 21, 2010. Hoiberg and the Cyclones finished 16-16 in his first season in Ames.
Fred Hoiberg led Iowa State to a 23-11 mark in 2011 and helped the Cyclones return to the NCAA tournament for the first time since 2005. The season also included the team's first ranking in the AP Top 25 poll since 2005. Hoiberg was named 2012 Big 12 co-coach of the year after winning nine more games during the 2012 conference season than in 2011, the largest season-to-season improvement in Big 12 history.
Fred Hoiberg led the Cyclones back to the NCAA tournament in 2013, finishing with a 23-12 record. Iowa State defeated Notre Dame 76-58 in the first round before losing to Ohio State 78-75.
Fred Hoiberg became the fastest coach in Iowa State history to notch 100 wins (148 games) on December 31, 2014, when Iowa State defeated Mississippi Valley State 83-33.
Fred Hoiberg holds the 2014 Big 12 tournament trophy after leading Iowa State to its first Big 12 conference tournament championship since 2000.
Fred Hoiberg and the Cyclones reached the NCAA tournament for the third straight season in 2014. ISU, the No. 3 seed in the East Region, reached the Sweet 16 before losing to eventual national champion UConn.
Fred Hoiberg cuts down the net with his sons Sam and Charlie after defeating Kansas 70-66 to win the 2015 Big 12 tournament.
Fred Hoiberg and ISU entered the 2015 NCAA tournament as the No. 3 seed in the South Regional, but lost to No. 14 seed UAB 60-59.
The Chicago Bulls introduced Fred Hoiberg as head coach on June 2, 2015. Hoiberg, who received a 5-year contract worth $25 million, and the Bulls missed the playoffs for the first time in eight years in his first season with a 42-40 mark.
Former Creighton standout Doug McDermott talks to Bulls coach Fred Hoiberg during a preseason game in 2016. McDermott played for Hoiberg for part of two seasons, averaging 9.7 points per game while shooting 41 percent from behind the arc.
Fred Hoiberg led the Bulls back to the playoffs in his second season, but Chicago lost to the Boston Celtics in the first round after taking a 2–0 lead in the series.
On Dec. 3, 2018, Fred Hoiberg was dismissed by the Bulls after a 5-19 start to the season, his fourth year with Chicago.
Fred Hoiberg was officially introduced as the next Nebraska basketball coach in April 2019.