Former Iowa state basketball player Fred Hoiberg speaks to reporters in Minneapolis in this 2006 file photo. Hoiberg has been hired as the Cyclones’ head coach.

Ames, Iowa ? Iowa State has given “The Mayor” a five-year term to get things turned around. The school introduced former standout Fred Hoiberg as its new men’s basketball coach Wednesday, hoping he can revive the once-exciting program that has fallen to the bottom of the Big 12. His base salary is $800,000 per year.

Hoiberg is an Ames native and one of the most popular players in school history. Hoiberg, who earned the nickname “The Mayor” at Iowa State, played 10 seasons in the NBA before joining the front office of the Minnesota Timberwolves. He will replace Greg McDermott, who left for Creighton after four lackluster seasons.