Cedar Falls, IA (Sports Network) - The University of Northern Iowa rewarded head men's basketball coach Ben Jacobson with a new 10-year contract on Friday.
This new deal supersedes the 10-year contract the program presented Jacobson back in March of 2010, just four days after the Panthers pulled off an upset of No. 1 ranked Kansas to reach the Sweet 16 of the NCAA Tournament.
According to the Gazette, financial terms of the new deal are the same as the old one: an annual salary of $500,000 with increases of $25,000 for every successive season through the end of the contract.
"We are fortunate to be able to retain an outstanding MBB coach in Ben Jacobson," UNI athletics director Troy Dannen said on his Twitter account.
Jacobson, 42, has been the head coach of the Panthers since March 2006 and has led the program to at least 18 wins in each of his seven years at the helm.
The Panthers (21-14) host Weber State in the semifinals of the CollegeInsider.com tourney on Saturday.
Before taking over as head coach of the basketball program, Jacobson had been an assistant at UNI since 2001 and was promoted to associate head coach in 2005.
A four-year letter winner at North Dakota, Jacobson began his coaching career as a student assistant at his alma mater in 1993. He was named a full-time assistant at North Dakota in 1996 and spent four years in that role before moving on to North Dakota State for the 2000-01 campaign.