On Tuesday, Ferentz made $25,000 alone for being named Big Ten Conference coach of the year, hours before Iowa announced a new contract that guarantees him at least $1.6 million per year through 2012.
The new deal, retroactive to April 1, pays Ferentz $1.2 million in base salary each year with an annual longevity bonus of $400,000.
"We obviously are paying a lot of money," said Bob Bowlsby, Iowa's athletic director. "And I consider it a terrific bargain."
Ferentz, 49, turned a bumpy start to his sixth year at Iowa into one of the top stories of the college season.
The Hawkeyes started out 2-2 - including a 44-7 loss at Arizona State - before winning seven consecutive games. The turnaround launched Iowa into the Jan. 1 Capital One Bowl, a third straight post-New Year's bowl trip.
The turnaround is especially remarkable considering Iowa is led by a third starting quarterback in three seasons, the running back corps was decimated by injury and graduations included NFL players Robert Gallery, Bob Sanders and Nate Kaeding.
"I promise you," said Ferentz, rewinding to the 2-2 start, "none of us were predicting 9-2 if you'd made us take some truth serum about a month ago or two months ago."
Ferentz, the 2002 national coach of the year, was named the Big Ten's top coach for the second time in three seasons as Iowa has won 22 of its past 26 Big Ten games.
The new contract for Ferentz was signed on Oct. 29, but Bowlsby said the coach and the university wanted to wait to announce the deal until the regular season was complete to avoid a possible distraction.
"Obviously, things have gone very well during that three weeks, but it wouldn't have made any difference to me," Bowlsby said. "He's the right guy for Iowa, whether we're 6-5 or 9-2."
Ferentz's new contract replaces a six-year deal signed in 2003, which guaranteed $982,800 per year as well as a total of $1.6 million in longevity bonuses.
The new annual incentive bonus schedule also provides higher compensation based on the performance of the team. For example, a top 25 finish for the Hawkeyes will now provide Ferentz with a $100,000 bonus, up from $50,000. An outright Big Ten Conference title will result in a $175,000 bonus, up from $125,000. A shared Big Ten title still nets $100,000.
Iowa officials hope the contract at least slows the constant whispers about Ferentz defecting to the NFL, where he worked as an offensive line coach for Baltimore and Cleveland.
Indianapolis and Jacksonville were among NFL teams to chase Ferentz, who admitted seriously considering past offers - but being firm in his current commitment to Iowa.
"If that's what I wanted to do, I wouldn't be here today," Ferentz said. "I've had my opportunities - several. If it was all about money, and that's the No. 1 attraction of the NFL I think, then that's where I'd be right now.
"To me, it's more about lifestyle. And I really enjoy the lifestyle I have right now as a college football coach."
Ferentz ensured the lifestyle of his assistant coaches improved, as well.
The contract includes $175,000 annually to be distributed by Ferentz among his staff of nine assistants and two strength and conditioning coaches. Assistants also will receive an 8 percent pay bump after any season the team plays in a bowl game and achieves a team graduation rate of 55 percent or higher on the most current four-year report.
Assistant raises also will increase based on the team's final ranking each season - 1 percent for top 25 up to 7 percent more for top 5.
The new contract also stipulates that the financial arrangements for all involved will not be renegotiated within three years of this deal.
Ferentz, the former $28,000 fledgling coach, said his situation at Iowa is loaded with more positives than just money.
"The only negative I can throw out, maybe, is the weather - and other recruiters do that all the time," Ferentz said. "But if that's about all you can talk about - that's why they make winter coats."
The new deal, retroactive to April 1, pays Ferentz $1.2 million in base salary each year with an annual longevity bonus of $400,000.
"We obviously are paying a lot of money," said Bob Bowlsby, Iowa's athletic director. "And I consider it a terrific bargain."
Ferentz, 49, turned a bumpy start to his sixth year at Iowa into one of the top stories of the college season.
The Hawkeyes started out 2-2 - including a 44-7 loss at Arizona State - before winning seven consecutive games. The turnaround launched Iowa into the Jan. 1 Capital One Bowl, a third straight post-New Year's bowl trip.
The turnaround is especially remarkable considering Iowa is led by a third starting quarterback in three seasons, the running back corps was decimated by injury and graduations included NFL players Robert Gallery, Bob Sanders and Nate Kaeding.
"I promise you," said Ferentz, rewinding to the 2-2 start, "none of us were predicting 9-2 if you'd made us take some truth serum about a month ago or two months ago."
Ferentz, the 2002 national coach of the year, was named the Big Ten's top coach for the second time in three seasons as Iowa has won 22 of its past 26 Big Ten games.
The new contract for Ferentz was signed on Oct. 29, but Bowlsby said the coach and the university wanted to wait to announce the deal until the regular season was complete to avoid a possible distraction.
"Obviously, things have gone very well during that three weeks, but it wouldn't have made any difference to me," Bowlsby said. "He's the right guy for Iowa, whether we're 6-5 or 9-2."
Ferentz's new contract replaces a six-year deal signed in 2003, which guaranteed $982,800 per year as well as a total of $1.6 million in longevity bonuses.
The new annual incentive bonus schedule also provides higher compensation based on the performance of the team. For example, a top 25 finish for the Hawkeyes will now provide Ferentz with a $100,000 bonus, up from $50,000. An outright Big Ten Conference title will result in a $175,000 bonus, up from $125,000. A shared Big Ten title still nets $100,000.
Iowa officials hope the contract at least slows the constant whispers about Ferentz defecting to the NFL, where he worked as an offensive line coach for Baltimore and Cleveland.
Indianapolis and Jacksonville were among NFL teams to chase Ferentz, who admitted seriously considering past offers - but being firm in his current commitment to Iowa.
"If that's what I wanted to do, I wouldn't be here today," Ferentz said. "I've had my opportunities - several. If it was all about money, and that's the No. 1 attraction of the NFL I think, then that's where I'd be right now.
"To me, it's more about lifestyle. And I really enjoy the lifestyle I have right now as a college football coach."
Ferentz ensured the lifestyle of his assistant coaches improved, as well.
The contract includes $175,000 annually to be distributed by Ferentz among his staff of nine assistants and two strength and conditioning coaches. Assistants also will receive an 8 percent pay bump after any season the team plays in a bowl game and achieves a team graduation rate of 55 percent or higher on the most current four-year report.
Assistant raises also will increase based on the team's final ranking each season - 1 percent for top 25 up to 7 percent more for top 5.
The new contract also stipulates that the financial arrangements for all involved will not be renegotiated within three years of this deal.
Ferentz, the former $28,000 fledgling coach, said his situation at Iowa is loaded with more positives than just money.
"The only negative I can throw out, maybe, is the weather - and other recruiters do that all the time," Ferentz said. "But if that's about all you can talk about - that's why they make winter coats."
