According to Chad Leistikow of the Des Moines Register, Iowa basketball is on the hook for the entirety of the $4.26 million contract buyout to former head coach Fran McCaffery. Leistikow reports that the contract extension McCaffery signed with Iowa in 2021 does not include a reduction clause with McCaffery taking another job.

McCaffery replaces Delaware County native Steve Donahue, who was fired March 10 after nine seasons in charge of the Quakers. McCaffery returns to his alma mater from Iowa, where he was let go on March 14 after 15 years as the head coach of the Hawkeyes.

Fran McCaffery is headed back to his alma mater after his split in Iowa City. The longtime Iowa Hawkeyes coach, who was fired after 15 seasons with the program earlier this month, struck a deal to take over at Penn on Thursday, the university announced.