I argue with Iowa fans about that very same thing! There were ZERO public reports of TL interviewing with other programs or that any other program was going to chase TL. So who was Iowa negotiating against...themselves? How did it end up at $1.2 million? Minnesota gave Tubby Smith about $2.5 million around that time so maybe that influenced it a bit? No matter what it makes me feel "cheap" that GMac does't approach the $1 million mark (he doesn't does he?). That said...if GMac wins and builds a strong program JLP will pay him for sure!
The normal procedure for coaches moving up from a lower level conference is that they are guaranteed relatively little, have large incentives based on success, but must prove themselves at the higher level before receiving large guaranteed contracts. If he lives up to Jamie's expectations (we all hope), GMac will have a much more guaranteed money in 3 years or so.
Tubby is a different case since he had already won at the higher level.
The only logical reason I can come up with for Lickliter's contract, is that Iowa had difficulty attracting a coach, and were forced to use guaranteed money to lure someone to accept the position.
Of course, none of that means Lickliter isn’t a quality coach. It is just a reflection of how the Iowa basketball program was perceived by other coaches.