Report: Matt Campbell, Iowa State finalize contract extension, financial terms revealed

Iowa State and Matt Campbell have finalized a contract extension through 2032, ESPN’s Max Olson reported. The two sides agreed to the deal in December.

Campbell will now receive a salary of $5 million per year, but ESPN reported he took a “discount” after the financial details were revealed. He opted to make sure his salary pool increased while also paving the way for Iowa State to allocate an additional $1 million in revenue-sharing dollars to football, according to ESPN.

Campbell’s previous contract, signed in 2021, was set to run through 2028. His salary increased to $4 million under that deal, according to USA Today. Now, he’s locked in through 2032 and is getting a pay bump – while also helping set the Cyclones up for the new era of college sports.

Following approval of the House v. NCAA settlement, schools can now directly share up to $20.5 million with athletes, and the wide expectation is the majority of those dollars will go toward football. Iowa State athletics director Jamie Pollard previously said every student will get a slice of the pie, though a majority of those funds will head to football and men’s basketball. Pollard did not confirm specific figures.

Campbell has a 64-51 overall record at Iowa State since taking over in 2016, including a 45-36 mark in Big 12 play. Under his watch, the Cyclones have made seven bowl games and made two Big 12 Championship games. That includes last year, which ended with an 11-3 overall record two years removed from a 4-8 record in 2022.

“My family and I are extremely grateful for the faith and commitment shown to our program by our President, Dr. Wintersteen, and our Athletics Director, Jamie Pollard,” Campbell said in a press release announcing his extension in December. “It is an honor to be associated with a great university and community, and I am thankful to work with great leaders, administrators and student-athletes. I look forward to finishing the 2024 season strong while continuing to grow this program and pursuing excellence in the classroom and on the field.”

Matt Campbell is already the third-longest tenured coach in Iowa State history, behind Dan McCarney (1995-2006) and Clay Stapleton (1958-67). He’s about to complete his ninth season in Ames.

“It has been rewarding to see the amazing impact Coach Campbell, and his staff, have had over the past decade on our University, athletics department, and the young men in our football program,” Pollard said.

“Given all the uncertainty currently facing college athletics, it was critical that we moved quickly to solidify the future of our football program. Matt is the perfect fit for Iowa State University and I am thrilled he wants to continue to lead our program. Leadership continuity is essential to any organization’s long-term success. This is a great day for Cyclone fans.”