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Oklahoma State parts ways with Travis Ford

(Photo by J Pat Carter/Getty Images)
(Photo by J Pat Carter/Getty Images)

After nearly a week of speculation, Oklahoma State has finally made it official: it is moving on from head coach Travis Ford.

In a statement released Friday, the school announced that it has “mutually agreed” to part ways with Ford, who just wrapped up his eighth season with the Cowboys, Ford had a solid overall record – 155-111 – during his tenure, but was just 63-75 in Big 12 play. The 2015-16 season ended with a 12-20 (3-15 Big 12) record and a first round exit in the conference tournament.

The Cowboys reached the NCAA tournament five times under Ford, but hadn’t advanced past the first round since the 2008-09 season.

“I like Travis Ford and his family,” OSU athletic director Mike Holder said in a statement. “He worked very hard at his job. Unfortunately, we have to move on.”

Ford, 46, still had three years and $7.2 million remaining on his contract, but if Ford lands with another program, that number “will be reduced from OSU’s obligation,” according to The Oklahoman, which first reported the news of Ford’s ouster.

From The Oklahoman:

OSU will owe Ford $2.4 million annually over the next three years, although language in the contract calls for him to seek employment no later than 30 days following termination, with reports due on his efforts to obtain employment due every 30 days thereafter. If Ford lands another job, any salary he makes will be reduced from OSU's obligation over those three years.

The Tulsa World reported Monday that the school already had a search committee for the next coach in place, so the writing for this move for the school was on the wall. Now Holder, who will head the search, will have his sights set on a few rising names, as well as some established Power Five coaches.

From The Oklahoman:

Already, several potential candidates are coming into view. Stephen F. Austin's Brad Underwood, who has guided the Lumberjacks into the NCAA Tournament in each of his three seasons at the school; and Arkansas-Little Rock's Chris Beard are two notable rising coaches of interest.

Virginia Tech's Buzz Williams, an Oklahoma City University grad, has been linked to both the Cowboys and TCU. Williams' Hokies beat Princeton in overtime in the first round of the NIT Wednesday night. Former OSU player Doug Gottlieb, who has thrived as a broadcaster, cherishes the job, although he carries no coaching experience.

Others who could be on OSU's radar: Pitt's Jamie Dixon, Dayton's Archie Miller, Oregon's Dana Altman, UAB's Jerod Haase, Mississippi State's Ben Howland and South Carolina's Frank Martin, among others.

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Sam Cooper is a contributor for the Yahoo Sports blogs. Have a tip? Email him or follow him on Twitter!