Iowa coaching search: Pete Thamel cites 'financial concerns' that could impact desire to pay hefty buyouts

For the first time in 15 years, Iowa is searching for a new men’s basketball coach. The Hawkeyes parted ways with Fran McCaffery this week, and names are starting to emerge as possible replacements.

However, ESPN’s Pete Thamel said Iowa is facing an interesting hurdle in the search. He said the school is dealing with financial issues that could get in the way of paying some hefty buyouts.

Iowa Head Coach Hot Board

Speaking on ESPN’s College GameDay, Thamel said those “financial concerns” could impact the pursuit of someone such as Darian DeVries. The former Drake head coach and Creighton assistant is currently the head coach at West Virginia, but with a buyout north of $4 million, Iowa could have hesitations about paying that sum, according to Thamel.

“There are some interesting headwinds facing Iowa, Rece, which dismissed Fran McCaffery this week,” Thamel said. “Iowa’s not in great financial shape and they do not have a strong appetite to pay a big buyout. Darian DeVries, for example – the West Virginia coach – would be owed $4.67 million back to West Virginia if Iowa is going to hire him. That makes it a tough pill for a place like Iowa to swallow that has financial concerns.”

DeVries is one of the names that came up right away in the search to replace McCaffery, who just completed his 15th season at Iowa after the Hawkeyes’ season came to an end against Illinois in the Big Ten tournament on Thursday. An Iowa native, he helped make Drake one of the top mid-majors in the country, winning back-to-back Missouri Valley Conference titles before heading to WVU this year, where he went 19-13 overall and 10-10 in Big 12 play.

The current Drake coach could also be in the mix, though. Ben McCollum replaced DeVries this year and picked up where he left off. The Bulldogs won a third straight Arch Madness title and take a 30-3 overall record into the NCAA tournament. McCollum’s name has also come up in connection with the Indiana coaching search.

Questions swirled about whether McCaffery would be back in 2025-26 or not, and he definitively said he expected to return.

McCaffery amassed a 297-207 record since taking over at Iowa in 2010. However, the last two seasons were especially tough, including this year’s 17-16 record. The Hawkeyes didn’t win a road game until February. Ultimately, Iowa AD Beth Goetz decided to make a change.

“Fran McCaffery has been an integral part of our Hawkeye family for the past 15 years. He is a tremendous coach and teacher, and we are grateful for the positive impact he has made on the institution and the community,” Goetz said in a statement. “We have a deep appreciation for his dedication to our student-athletes and his passion for the game that will have a lasting impact on our program.”