As of right now, Fran can probably stay as long as he wants. With this young group, he is actually doing better than predicted (I think), and things can only get better over the next couple of years, and probably beyond because he has a solid group from which to build. This means that future schollies go to proven good players, not projects. We still have a couple project players on our roster at the bottom (but they may turn out to be surprises).
The Iowa administration likes Fran because, like Ferentz, he's a good character guy (aside from some sideline antics, which I don't like), brings in good character kids who are also decent students, and he runs a clean program that they perceive as getting better.
I think the Iowa program is on the way up and could hit heights not seen since the Raveling/Lute era and before. He still hasn't got his starting lineup figured out, plays a few too many different kids in every game, and doesn't yet have a killer, consistent guard, but that will come soon, hopefully. By next year our team should more resemble the teams in the upper echelon of the BIG, and barring some catastrophe, the future looks bright if the fans have a little patience. Success brings success; build it and they will come, and all that.