Nebraska Basketball Coach Fred Hoiberg Contract, Salary, Buyout, and Net Worth
Fred Hoiberg was hired as the head coach of the Nebraska Cornhuskers basketball team in 2019. He brought a wealth of experience from his previous jobs at Iowa State and the NBA’s Chicago Bulls. The expectations were high for Hoiberg to turn the program around, but four years later, the Huskers have yet to make an appearance in the NCAA Tournament, and the question arises: should Nebraska buy out his contract? Let us take a closer look at Hoiberg’s contract, salary, buyout, and net worth.
Salary and Contract
Despite the improvements made year-over-year, the Huskers are only now getting to .500 on the season and another year has gone by where they will not appear in the NCAA tournament.
Hoiberg’s contract was restructured in 2022 as both he and the athletic department were frustrated with the team’s results on the court. He forfeited a $500,000 bonus, and his annual salary decreased to $3.25 million from $3.5 million following a disappointing 10-22 season.
Fred Hoiberg has agreed to restructure his contract, statements below from Fred and Trev Alberts #Huskers pic.twitter.com/kwgtWHZVxP
— Joe Nugent (@joenuge) February 25, 2022
His new agreement runs through March 31st, 2027, and includes several bonuses and perks that include:
- $100,000 for winning the Big Ten Tournament or Big Ten Regular Season
- $150,000 for appearing in the NCAA Tournament
- $30,000 for reaching Round of 32
- $40,000 for reaching Sweet Sixteen
- $55,000 for reaching Elite Eight
- $75,000 for reaching Final Four
- $300,000 for winning the National Championship
- 20 hours of private jet use per year
- Family travel supplement
- Season tickets supplement
Hoiberg’s buyout is a significant consideration for the athletic department if they decide to terminate his contract. The buyout amount decreases each year until the contract’s expiration in 2027. Here is how it breaks down:
- April 1, 2022 – March 31, 2023: $11 million
- April 1, 2023 – March 31, 2024: $10 million
- April 1, 2024 – March 31, 2025: $7 million
- April 1, 2025 – March 31, 2026: $5 million
- April 1, 2026 – March 31, 2027: $3 million
The question remains, will Nebraska buy out Hoiberg’s contract now? The Huskers have yet to make a tournament appearance, and they have not even had a winning season under his leadership. It is fair to ask how long they should give him before turning the program around.
If Nebraska was to fire Hoiberg, they would at least be wise to wait until April 1 to do so. That would save the school $1 million since the buyout decreases from $11 million to $10 million at that point. However, it seems like Hoiberg has the backing of the athletic director Trev Alberts, and the program is on an upward trajectory, improving their record year-over-year under his guidance.
When it comes to Hoiberg’s net worth, it is believed to be in the region of $10 million. Hoiberg acquired his net worth through a combination of his successful career as a basketball player and coach, including his time in the NBA and his previous coaching positions at Iowa State and the Chicago Bulls.
He was also known for his business ventures, including a chain of sports-themed restaurants in Iowa. Hoiberg has a reputation for being a savvy businessman and has used his knowledge and connections in the sports world to expand his financial portfolio.
While Hoiberg’s contract includes significant bonuses and perks, his lack of perceived success in turning the Nebraska basketball program around raises the question of whether the Huskers should buy out his contract.
It is ultimately up to the athletic department to decide how long they can wait for him to bring the team to success on the court. Regardless of the outcome, Hoiberg will likely still be seen as a valuable asset to a basketball program, whether it be at Nebraska or elsewhere.
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