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.

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.

Penn has hired Fran McCaffery as its men's basketball coach, two weeks after he was fired at Iowa after a season in which the Hawkeyes won their fewest games in seven years.