Penn hired Fran McCaffery as its men’s basketball coach on Thursday, two weeks after he was fired at Iowa in a season where the Hawkeyes won their fewest games and had their lowest Big Ten regular-season finish in seven years.

According to Chad Leistikow of the Des Moines Register, Iowa basketball is on the hook for the entirety of the $4.26 million contract buyout to former head coach Fran McCaffery. Leistikow reports that the contract extension McCaffery signed with Iowa in 2021 does not include a reduction clause with McCaffery taking another job.

After 15 seasons, the Fran McCaffery era has come to an end for the Iowa Hawkeyes. The 65-year-old coach was fired Friday by athletic director Beth Goetz, sources told CBS Sports, one day removed from the Hawkeyes' 106-94 second-round loss in the Big Ten Tournament to Illinois.