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.

Former Iowa basketball coach Fran McCaffery has his landing spot. Penn announced the hiring of McCaffery as its next head men's basketball coach, bringing McCaffery back to his alma mater. It confirms the Wednesday report from The Field of 68's Jeff Goodman.

McCaffery replaces Delaware County native Steve Donahue, who was fired March 10 after nine seasons in charge of the Quakers. McCaffery returns to his alma mater from Iowa, where he was let go on March 14 after 15 years as the head coach of the Hawkeyes.