University of Cincinnati Men’s Basketball Coach Bob Huggins has accepted, in principle, the university’s offer to buy out the remaining term of his contract at a cost of approximately $3 million. While agreement has been reached in general terms, details of the settlement are yet to be fully negotiated by both parties.

The offer was one of three options offered by the university on Tuesday, August 23, in a letter asking for the coach’s response by Wednesday, August 24. A second option would have the coach accept a position outside the athletics department through March 31, 2008. If the coach rejected either of these options, the university said it would exercise its rights under the existing contract.

At the request of the Coach, the University of Cincinnati resumed negotiations on the terms and conditions of his employment contract on July 12, 2005. A variety of options were proposed by the university in response to requests made by the coach. As negotiations progressed, the coach expressed his unwillingness to function under the terms of an agreement reached in May 2005. The university agreed and proposed several options under which the coach could terminate his association with the university.