Northern Iowa’s Ali Farokhmanesh could be called “Cash,” but not just for his jump shot.
The Panther guard has hit two three-pointers to ice NCAA tournament wins over UNLV and top-ranked Kansas, putting UNI into it’s first ever Sweet 16. And now Head Coach Ben Jacobson may be hearing “ka-ching.”
After signing a five-year extension a year ago, the 40-year-old took time out Wednesday from preparing for his regional semi-final game against Michigan State to ink a new deal that extends through 2020.
The new contract guarantees him $450,000 a year with annual increases of $25,000—a big leap from the $289,000 per year figure he was making under his old contract.
With an astounding five mid-majors still chasing this year’s national title, dollar signs may be jumping out at more than just Jacobson.
What’s more, Jacobson may be on his way to making seven figures if he decides to take a shot at one of the big conference schools whom should start calling his number.
But all things considered, the job at the big schools may not seem as lucrative.
"I gave my coach a five-year extension last year, and I need to find a way to incentive him to stay," said UNI Athletic Director Troy Dannen. "I pay him a third of what [the University of Iowa] can pay him, but I can give stability. And while the expectations are high [here], they're not unreasonable. Making $350,000 to $400,000 in Cedar Falls means you can live a pretty good life.”
Greg McDermott, who preceded Jacobson as the Panther head coach before taking off for a big pay day and big-time pressure at Iowa State, is now feeling his seat heat up after going 15-17 this season.
Staying in the state of Iowa—Todd Lickliter’s chair got so warm at Iowa he was kicked off of it last week after just three seasons resulting in a 38-58 record. Lickliter was earning $1.2 million per year, and will now be paid another $2.4 million for the remaining four years of the contract he signed in 2007.
Now Brad Stevens is experiencing the same kind of success his predecessor at Butler, Lickliter, had. Predictably, Stevens's name has been thrown around for several empty head coaching jobs around the country.
But for every Tom Izzo, Bruce Pearl, and Thad Matta—all of whom are taking part in this weekend’s Sweet 16 and also triumphantly worked their way up the coaching ranks—there’s even more examples of someone that didn’t find success—or happiness—at the next level.
For instance, Creighton’s Dana Altman found the NCAA tournament seven times in nine years, leading him to accept the head coaching post at Arkansas.
However, he was only there long enough to be at the introductory press conference.
One day after being hired, Altman turned down the $1.5 million contract and fled back to Creighton, citing family reasons.
Altman possibly didn’t want to see his career become mincemeat after experiencing the high pressure BCS conference jobs—much like that of ex-Razorbacks coach Stan Heath, has endured.
Heath had jumped to Arkansas after an Elite Eight run at Kent State, but was fired after five years and no tournament wins in Fayetteville; he is now struggling to get things on track at South Florida.
For many of these coaches—Jacobson, Stevens, even Cornell’s Steve Donahue—the question is now whether to make the jump when inevitably the big boys come calling.
And with coaches' salaries constantly on the rise—in 2002, just three coaches made more than $1 million—the pressure and temptation that come with the territory are on an equal incline.
"I think those guys want the challenge," said Northern Iowa play-by-play broadcaster Gary Rima. "And the money you're being offered—you're getting set up for life. That is the thing that will always be hard to turn down for these coaches."
