Nebraska coach Fred Hoiberg will return for the 2022-23 season, athletic director Trev Alberts said Thursday. Hoiberg boasts a 21-65 record thus far with the Cornhuskers.

"Over the past few weeks, I have had several productive meetings with Coach Hoiberg, and we agree the results of our team are not acceptable," Alberts said in a statement. "No one is more disappointed or frustrated than Fred Hoiberg. … I believe in Fred and look forward to working with him as he executes his vision for the future of Nebraska men's basketball."

Also within his statement, Alberts said the program will "restructure his contract," something Hoiberg agreed to in order to "help us make the changes that are necessary to reorient our program." If fired, Hoiberg would've been owed $18.5 million per his current contract.

Nebraska currently sits in last place in the Big Ten with a 7-20 overall record, including a 1-15 mark in conference play. The team finished last in the Big Ten in the previous two seasons with Hoiberg at the helm and has now secured three consecutive 20-loss seasons for the first time in school history.