Hoiberg to be named new Bulls Coach-five year contract.

Chicago Bulls Logo - Red bull with script above headFred Hoiberg is going pro.  (USATSI)

The Bulls will formally introduce Fred Hoiberg as their new head coach on Tuesday afternoon at 2 p.m. CT, confirming the worst-kept secret in recent NBA history. Hoiberg is leaving Iowa State University in order to take his first head-coaching job in the pros. He will replace Tom Thibodeau, who was fired last week.Hoiberg and the Bulls have agreed to a five-year, nearly $25 million contract.The Cyclones ran a pro-style offense while he was at the helm, placing an emphasis on taking 3-pointers and shots at the rim, avoiding long 2-point jumpers.Hoiberg is not new to the NBA, as he spent 10 years in the league as a player, four of them with the Bulls. After his career on the court was over, he spent four years in the Minnesota Timberwolves front office. He has been linked to numerous NBA jobs, most recently reportedly interviewing with the Orlando Magic and New Orleans Pelicans. This was only a matter of time.Back when Hoiberg was a senior at Iowa State, Bulls general manager Gar Forman was a Cyclones assistant coach. There have been rumors and reports for months that he’d be the Forman’s choice if/when the team split with Thibodeau. Like Billy Donovan with the Oklahoma City Thunder, Hoiberg is joining an organization where he has a pre-existing relationship with management as well a talented roster at his disposal. This is a much better situation than what most college coaches have had when making this leap.