Fran simply used the leverage of his team's current success to secure his spot until JMac, and maybe brother Weiskamp, and some other young high-quality local talents are on the roster. I doubt there was any kind of "extend me, or I might go elsewhere" approach. Simply a reward for a couple year's worth of good-to-great success, at least by Iowa's standards.
Fran is a quality Big Man away from having excellent teams for the coming 2-3 years, with the current freshman and sophomore class providing the core of the team. The coming team has athletic driving point guards in JT and Ulis, Very athletic wings in Perkins, PMAC and the Murrays. Hopefully a healthy Fredrick lights up the arc, along with Sandfort. Perkins could be really special if he could become even a 35% 3 point shooter.
And maybe with some more muscle converted from raw bulk, Josh O can be a Kofi type center with better range. Use that size and muscle to simply move others from the lane, and dunk all day.
A big man in reserve might be all that team needs until Jack and friends arrive.
Sounds like a good few years with regular upper BIG finishes and NCAA appearances to end Fran's career. I'm very good with that.