It’s official.

Tim Floyd will remain head coach of the Cyclone men’s basketball team. On Aug. 14, Floyd’s contract extension became final.

Floyd’s new contract could keep him at the helm of the ISU basketball team through the 2005-06 season.

After what many called a season of over achievements last year, Floyd became a popular candidate for head coaching jobs at other schools. He was contacted by Southern Mississippi and North Carolina State, and his name was even thrown into the mix of candidates for Illinois and Florida.

At one point in the off season, there were rumors of Floyd taking a coaching position with the NBA champion Chicago Bulls. All rumors and speculation were put to rest with the signing of the new contract.

Floyd’s contract for the 95-96 season had his total earnings at $438,675. Under his new contract, Floyd will earn $538,675 for the upcoming season.

Floyd’s annual base salary has been increased from $108,675 to $135,000. The new contract includes an agreement with the Iowa State University Foundation that adds $353,675 to Floyd’s annual earnings. The agreement is designed to compensate Floyd through camps, television and radio shows and public appearances. Floyd will also receive a $50,000 deferment.

According to the deferred compensation package in the contract, the longer Floyd stays at ISU the more he will make. For every year of his contract Floyd fulfills, there will be $50,000 deposited into an account.

If Floyd leaves after one year, he will receive 10 percent of the $50,000, and if he leaves after two years, he will receive 20 percent of $100,000. If Floyd stays for all 10 years of his contract, he will receive 100 percent of $500,000.

Iowa State Athletics Director Gene Smith said the focus of the negotiations was to make Floyd comfortable. Smith said the contract given to Floyd was prepared by comparing other Division I coaches’ contracts, and that a fair and comparable deal was the goal.

“Our goal was to make him feel comfortable, and compensated in the marketplace,” Smith said. “I think we did that.”

Floyd, who engineered the winningest season in ISU history last year, agreed. “Iowa State is where I want to be,” he said.