Iowa State extends Campbell, bumps pay to $5M

Iowa State and coach Matt Campbell have finalized a contract extension through 2032 after the winningest coach in program history led the Cyclones to their first-ever 11-win season in 2024.

Campbell will earn $5 million per year in total compensation, according to a copy of the contract obtained by ESPN on Friday. The three-time Big 12 Coach of the Year honoree took a discount on the deal, sources told ESPN, to ensure that his staff salary pool increased and allow Iowa State to allocate an additional $1 million to revenue-sharing funds for its football roster.

Campbell earned $4 million in 2024 while leading the Cyclones to a Big 12 championship game appearance, an 11-3 record and a No. 15 finish in the AP poll. He's entering his 10th season in Ames and has won a school-record 64 games during his tenure.

Colorado coach Deion Sanders will be the Big 12's highest-paid head coach this year at $10 million after landing a five-year, $54 million contract extension in March. Campbell's new salary will not rank among the top five in the conference, but he prioritized maximizing Iowa State's ability to invest in its football roster following a historic season.

Campbell told ESPN in July at Big 12 media days that "probably our top 20 guys took a pay cut to come back to Iowa State" for 2025, relative to what they could've earned in NIL compensation by entering the transfer portal.

The 45-year-old head coach's deal includes performance incentives based on the Cyclones' regular-season record, starting at $250,000 for seven wins and climbing to $1.5 million for a 12-0 season. He'll earn at least $100,000 for a Big 12 title game appearance and up to $500,000 for a Big 12 championship. The deal also permits him to distribute up to $100,000 of his performance incentive earnings each year to his football staff.

If Campbell accepts another Power 4 head coaching job before the end of his contract, his buyout would be $2 million. He would not owe liquidated damages if he departs for an NFL coaching opportunity. Campbell interviewed with the Chicago Bears in January during the organization's head coaching search.

Campbell surpassed Dan McCarney as the program's winningest head coach last season and has led the Cyclones to bowl games in seven of the last eight seasons, including a Fiesta Bowl victory and a top-10 finish in 2020.