The award is named for Henry Iba, who coached at Oklahoma State from 1934 to 1970.
Iba won the NCAA College Championship in 1945 and 1946 and coached the U.S. Olympic Teams to two gold medals in 1964 and 1968.
The award is presented at the Oscar Robertson Trophy Breakfast on the Friday before the Final Four.
The school with the second–most winners is Ohio State, which has had two coaches win a total of three awards (Fred Taylor, Randy Ayers).
Bennett is also one of two coaches to receive the award at more than one program, having done so once at Washington State and twice at Virginia.