I agree that a new contract with a rolling 1-year extension is the way to go. Say, for every year that KF remains employed as HC on January 10, he will get one year added to his contract. Right now, he’s under contract through 2029 (4 years left). With this proposal, he will always have 4 years left.
The thing that is important — that many fans don’t understand — is that with coaching contracts, you never want a guy coaching on the last year of his contract. That screams lame duck to everyone — recruits, assistants, fans, media, etc. You want the contract to promote stability. There is a big difference between player contracts and coaches contracts. Almost no coach coaches until the end of his contract.
Honestly, I think the time is right to talk extension with KF, though I know that will make some fans’ heads spin right off their necks. I think a 1-year rolling extension makes the most sense, as it would keep you from having to revisit the topic in 2-3 years, if KF happens to still be coaching then.