Van De Velde said that McCarney's base salary and total compensation will be funded entirely through fund raising, football ticket sales and television revenues. ISU's football revenue was $9.1 million in 1999. That figure increased to $10.6 million in 2000, $11.8 million in 2001 and nearly $14 million in 2002.
"Dan McCarney has taken this football program where it has never been before and he has done it with a great deal of integrity on the field and in the classroom," Van De Velde said. "There is a new respect for Cyclone football that was not evident three years ago. We believe that Dan's guaranteed compensation should be comparable to that of other Big 12 Conference coaches and the head coach at the University of Iowa. It recognizes that continuity is a very important factor in sustaining the success we have enjoyed. Coach McCarney has represented Iowa State and our student-athletes in a manner that gives us great pride."
Van De Velde also told Cyclone Nation he will be discussing the issue of assistant coach's contracts with McCarney in the near future.
McCarney's previous contract ranked him near the bottom of Big 12 coaches. This new contract will place him near the median compensation of Big 12 coaches, which is $1,078,000.
"Dan McCarney has forged a successful program and has done it the right way," ISU President Gregory Geoffroy said. "He has demonstrated a consistent dedication to athletic and academic achievement."
McCarney's 2000 team was the first Iowa State football squad to win nine games in a season since 1906, the only other nine-win campaign in school history. The Cyclones ended that campaign with a 37-29 Insight.com Bowl victory over Pittsburgh, the school's first bowl win. McCarney's football team earned seven wins and an Independence Bowl berth in 2001.
The Cyclones earned a third straight bowl appearance this season, competing in the Crucial.com Humanitarian Bowl, despite playing the toughest schedule in school history. The 2002 ISU slate included nine bowl teams with road games at Iowa (Big Ten co-champion), at Kansas State (Big 12 North Division runner-up), at Oklahoma (Big 12 champion), at Texas (Big 12 South Division runner-up), at Florida State (ACC champion) and at Boise State (WAC champion). Those teams boasted a combined record of 75-19.
Iowa State's 2002 season also included a fifth-straight win over intrastate rival Iowa and the school's biggest victory (36-14) over Nebraska since 1899. The wins over bowl-bound Iowa, Nebraska and Texas Tech marked the first time in school history that an ISU unit had defeated three bowl teams in the same season.
"Our selection to play Florida State in the Eddie Robinson Classic affirms how far we have come nationally under Dan McCarney," Van De Velde said. "There were many people who looked at our schedule and said that the Florida State contest would be our bowl game this season. The achievement of earninga third-straight postseason bowl for the first time in school history demonstrates the progress Dan McCarney has made at Iowa State."