On March 9, 1974, the speculation ended. Dick Schultz resigned as the head coach of Iowa basketball. Schultz took over for Ralph Miller when Miller left for Oregon State after the magical Six Pack season in 1970.
Schultz lasted four years as Iowa's head man, but he could never bring Iowa the success it enjoyed under Miller (Note: Iowa twice finished first and twice finished third in Miller's six years at Iowa.)
The best the Hawks could do under Schultz was a tie for 6th in the 1972-73 season. It was also the only Schultz coached team to finish with a winning record, 13-11.
There was plenty of speculation as to whom the new coach would be. Young Norm Stewart of Missouri expressed interest and Ralph Miller was supposedly contacting Iowa through unofficial channels about returning to Iowa City. An Associated Press report also listed Ed Badger (U.S. World team coach and head coach of Wright Junior College in Chicago) and Jack Hartman (head coach at Kansas State) as on Iowa's short list.
Iowa assistant coaches, Dick Kuchen and Joe Roberts as well as Coe College coach, Marcus Jackson all interviewed for the Iowa job.
Most of the speculation though centered on Badger and Hartman and Iowa was expected to make of them the new head men's basketball coach.
Imagine the surprise of both fans and reporters when Luther Olson of Long Beach State was introduced the next day as the new Iowa basketball coach. Olson had coached one year at Long Beach State where sanctions imposed by the NCAA due the actions of former coach, Jerry Tarkanian, made things very difficult for Olson.
Olson was introduced and promised an up-tempo offense along with a tough man-to-man defense. He also knew that recruiting had to improve for Iowa to improve. He promised to leave no stones unturned in his search for talent.
Olson was presented with a rare four year contract worth $28,000 per year. I say rare because at the time Iowa only gave their coaches one year contracts. Football coach Bob Commings had a one year contract worth $25,000 per year.
There was some fallout because of the Olson hiring with former assistant Roberts claiming he was passed over because of race. Roberts accused Iowa Athletic Director, Bump Elliott of "institutional racism." Charges Elliott strongly denied.
Iowa lost much of its scoring muscle from the previous season as the top three scorers (Candy LaPrince, Neil Fegebank and Jim Collins) graduated.
The leading returning scorer was sophomore guard, John "Bo" Hairston at 7.8 ppg. The picture was much better in other areas as the top three rebounders also graduated.
To the freshman class left behind by Schultz of forward Terry Drake, center Keith Rathert and center Ivory Ward, Olson added three junior college players from California. Point guard Cal Wulfsberg and forward Dan Frost were former Olson players at Long Beach City Community College and center Fred Haberecht came from Rio Hondo Junior College.
Iowa would count heavily on Frost and Haberecht (Wulfsberg's season ended early with a knee injury) as well as Hairston, Bruce King, Larry Parker, Archie Mays, Larry Moore, and Scott Thompson as they finished Olson's first year 10-16 (7-11) and 7th place in the Big Ten.
That would be the only Olson coached team to finish in the bottom half of the Big Ten.