June 2, 2006
The contract of Iowa Football Coach Kirk Ferentz has been restructured. The announcement came from University of Iowa Athletics Director Bob Bowlsby.
"We are pleased to have completed the restructuring of Coach Ferentz' contract and we believe that this agreement helps to ensure continuity in our football program," said Bowlsby. "Coach Ferentz is among the very best coaches in the nation and this compensation package is reflective of that excellence."
The basic elements added to the current contract include:
1) One-time payment of $1.4 million which is payable immediately.
2) Quarterly payments of $350,000, payable September 30, October 30, March 30, and June 30 each year. This compensation is in addition to that payable under the past contract and some or all of this compensation may be deferred.
3) Amendments to termination clauses which provide guaranteed payments in the event the University cancels the contract without appropriate cause.
All other aspects of the contract remain in effect except compensation for longevity, which is no longer a part of the agreement.
"Although this agreement does not place additional years on the contract," said Bowlsby. "It is the culmination of several months of work by several individuals and it recognizes our confidence that coach Ferentz will continue to lead the University of Iowa football program to high achievement on and off the field in the years ahead."
Ferentz is heading into his eighth season as Iowa's head coach and has a 49-36 record with the Hawkeyes. Iowa is one of four schools in the nation to have played a January bowl game four straight years. The Hawkeyes have won two Big Ten titles the last four years and have finished the season ranked in the top ten nationally three of the last four years.
Ferentz ranks fifth in terms of longevity among current coaches in the Big Ten Conference.