FORT COLLINS, Colo. – Larry Eustachy will resign as head basketball coach of the Colorado State Rams at the end of his contract year but will be on leave until then, and will receive $750,000 over the next two years as part of his amended contract agreement.
Eustachy, who is in his sixth year as head coach of the Rams, was placed on administrative leave earlier this month amid an investigation into allegations that Eustachy verbally abused his players and staff.
The university said in a news release that the contract change talks were initiated as Eustachy was placed on leave amid a climate assessment of the basketball program.
But since Eustachy decided to resign and restructure his contract, there will be no final conclusions or recommendations that come out of that investigation, the university said.
The announcement from the university says CSU Athletic Director Joe Parker supported Eustachy’s decision to step down.
Eustachy will remain on paid leave for the rest of the year until his resignation on June 30. He will receive three $250,000 payments over the next two years, the university said. The rest of Eustachy’s coaching staff will be retained through June 30.
"It has been an honor and a privilege to serve as Colorado State's men's basketball coach the past six seasons. The players, fans and administration, including President Tony Frank, have made my time in Fort Collins an incredible experience. I am extremely grateful for my time here – there are so many positive memories I will take with me," Eustachy said in a statement announcing his resignation.
"At the end of the day, it is time for me to step aside and allow Colorado State to open a new chapter of Rams basketball. Likewise, this also gives me a chance to hit the reset button and then put all my energy into future opportunities. As hard as it is to step away from these players and my staff, it is the right decision at the right time for all concerned. I will always be a CSU fan and will cheer for the Rams wherever my path leads," he said "There are too many players and supporters to individually recognize so I'll leave it at this: from the bottom of my heart, thank you and Go Rams!"
The university looked into Eustachy in 2013-14 for creating an atmosphere of "fear and intimidation" among his players. In documents obtained by the Coloradoan nearly a year ago, Eustachy acknowledged he "crossed the line" when asked about the atmosphere within the program by former athletic director Jack Graham.
The Rams sit second-to-last in the Mountain West Conference, with a 4-13 league record and an 11-19 record overall.