AMES, Iowa – Iowa State University moved quickly and decisively to reward men's basketball Coach Fred Hoiberg for leading it to one of the best seasons in school history.

Hoiberg reached an agreement with the school this week that will increase his annual compensation (effective May 1, 2014) from $1.6 million to $2.2 million. All other contract terms remain the same.

“We are pleased to come to terms on a revised contract with Coach Hoiberg and his agent so quickly,” Iowa State Director of Athletics Jamie Pollard said. “We hope our commitment to him will keep him at Iowa State University for the rest of his career.”

According to Winthrop Intelligence, the leading source of comparative coaching contracts, Hoiberg's new deal will rank him near the Top 10 paid coaches nationally.

Hoiberg signed a 10-year contract with an annual average salary of $2 million in May of 2013. His revised contract will provide an average annual salary of $2.6 million plus bonuses. Hoiberg earned $150,000 in bonuses for the just-completed campaign.

The Cyclones won 28 games (the second-most in Iowa State annals), captured the Big 12 Men's Basketball Tournament title and advanced to the Sweet 16 of the NCAA Tournament in 2013-14. Iowa State defeated nine nationally ranked teams, won a school-record 14 games to open the season, finished 11th nationally in the final poll and produced two All-Americans, an NCAA record holder and an Academic All-American.

“We recognize the tremendous accomplishments that have become commonplace during Fred's tenure,” Pollard said. “We play an exciting brand of basketball that has brought Hilton Magic back to life. Equally important, his players have been good students and ambassadors for the institution.”