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.

March 27 (UPI) -- The Penn Quakers hired Fran McCaffery as their new men's basketball coach, the school announced Thursday. The former Iowa coach, who was fired earlier this month, led the Hawkeyes to a 297-207 record over the last 15 years. He will take over a Quakers program that went 7-21 over the last two seasons.

Penn has hired Fran McCaffery as its men's basketball coach, 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.