Of note in that link I posted above:
"School Buyout includes a $700,000 retention payment that will be made to Fennelly on Aug. 1, 2027, only if he is employed by Iowa State on June 30, 2027, or if he is fired without cause before June 30, 2027."
If he does retire after the 26-27 season, he'll likely officially stay on as coach until July 1 for that bonus. But that doesn't mean the announcement and coaching search wouldn't start before then.
"School Buyout includes a $700,000 retention payment that will be made to Fennelly on Aug. 1, 2027, only if he is employed by Iowa State on June 30, 2027, or if he is fired without cause before June 30, 2027."
If he does retire after the 26-27 season, he'll likely officially stay on as coach until July 1 for that bonus. But that doesn't mean the announcement and coaching search wouldn't start before then.