The deal will pay Eustachy close to $900,000 a year. His original five-year contract will be torn up, of which Eustachy had three years remaining.

Eustachy coached Iowa State (No. 9 ESPN/USA Today, No. 7 AP) to the Big 12 regular-season title and had the Cyclones in the conference title game Sunday against Oklahoma.

Iowa State is expected to receive a No. 2 seed in a regional in the NCAA Tournament.

Eustachy was ESPN.com's coach of the year for turning around the Cyclones from a bottom Big 12 team to a national title contender behind consensus All-American Marcus Fizer.

Eustachy's new deal takes him out of the running for any potential higher-profile openings. Sources confirmed that Eustachy was on a short list for the Georgia Tech opening, along with Miami's Leonard Hamilton and Oklahoma's Kelvin Sampson.

Hamilton and Sampson told ESPN.com that they told their athletic directors they don't want to be bothered with calls from any other school while they're coaching their teams. The Hurricanes and Sooners could both make deep NCAA Tournament runs.

Meanwhile, ESPN.com has learned that Chicago Bulls assistant Jim Wooldridge has accepted the Kansas State head-coaching job. Wooldridge replaces Tom Asbury, who was forced to resign Friday after a 9-19 season, his sixth at Kansas State.

Nebraska coach Danny Nee could know his fate as early Monday. If Nee is asked to resign or fired, North Carolina State's Herb Sendek, Appalachian State's Buzz Peterson and Kent's Gary Waters will likely become targets for the Huskers.