Fred Hoiberg and fans at the Cyclone Tailgate Tour event in Cedar Rapids on May 15 (Mike Hlas photo)

Iowa State likes what it has in men’s basketball coach Fred Hoiberg. So without any further ado, here is the press release ISU put out late Tuesday afternoon:

IOWA STATE MEN’S BASKETBALL COACH FRED HOIBERG AGREES to EIGHT-YEAR CONTRACT

AMES, Iowa – Fred Hoiberg, who shared Big 12 Coach-of-the-Year honors last season, is now positioned to gain additional accolades going forward as the Cyclone men’s basketball coach after agreeing to an eight-year contract worth an average of $1.5 million annually.

In his second year as head coach, Hoiberg led his alma mater to its first NCAA Tournament appearance since 2005 and 23 total victories. Iowa State defeated defending national champion UConn before losing to eventual NCAA champion Kentucky in the 2012 NCAA Tournament. The Cyclones finished third in the Big 12 after being picked for the bottom quarter of the league.

“Returning to Ames has been so much more than expected for our family and I’m thrilled to have the chance to continue developing a nationally competitive program at Iowa State,” Hoiberg said. “The support of our fan base and commitment of our players has brought the magic back to Hilton. I am humbled with the extension, to say the least, and anxious to continue our journey at Iowa State.”

Hoiberg guided his 2012 team to startling upsets, last-second victories and post-season play. The team also played in front of record-breaking home crowds. He quickly and efficiently upgraded the talent on his roster and masterfully made it a cohesive and winning team.

“Fred is so much more than a great basketball coach,” Director of Athletics Jamie Pollard said. “He is an outstanding leader with quiet confidence, long-term vision and a popularity with the fan base that is hard to describe. We couldn’t be more pleased with Fred’s long term commitment to the University”

Full terms of the contract will be released at a later date.