Larry Eustachy has resigned from the Colorado State men’s basketball program.

After six years with the Rams, including two conduct investigations, Eustachy will formally resign at the end of his current contract year. He will remain on paid leave until June 30.

Eustachy’s buyout was listed at just under $3 million but his settlement will be three payments of $250,000 over the next two years.

In the press release, former head coach says, “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.”

He continues by saying he is “grateful” for his time with the Rams and will hit the “reset button” as he looks ahead to future coaching opportunities.

Here is the full statement:

CSU press release on Larry Eustachy resigning from the men's basketball program.
CSU press release on Larry Eustachy resigning from the men's basketball program.

Eustachy was suspended with pay on February 3. Associate head coach Steve Barnes took over for the following week before being suspended himself on February 10.

Eustachy, 62, was named the Rams head coach on April 12, 2012, becoming the 19th head coach after Tim Miles left for Nebraska.

Before coming to CSU, Eustachy coached at Southern Mississippi for eight seasons. He also spent time at Iowa State, Utah State, Idaho, Ball State, Utah, Idaho, and Mississippi State. He began his coaching career at Citrus Community College in Glendora, California. Eustachy played there from 1975-1976.

In six seasons, Eustachy has gone 123-74, making one NCAA Tournament appearance and two NIT Tournament appearances during that stretch.