Kevin Ollie Fired As UConn Men's Basketball Coach: BREAKING

STORRS, CT — The University of Connecticut is terminating the contract of head basketball coach Kevin Ollie "for just cause," the university said in a statement Saturday. Ollie, who won an NCAA Championship in his first year as head coach and was in contention for NBA head coaching jobs, is still owed $10 million on his contract.

"The University of Connecticut has initiated disciplinary procedures to terminate the employment of ... Ollie for just cause," a statement from the university reads.

Ollie made $3.15 million this year, which is more than Geno Auriemma's $2.46 million. In 2016, Ollie inked a $17.9 million extension that would have taken him through 2021, the Hartford Courant previously reported.

But it's clear from UConn's statement that they are trying to get out of paying the remainder of Ollie's contract. "The University will have no further comment on the matter until the completion of both the University's disciplinary process and the ongoing NCAA investigation."

Last month reports surfaced that the men's basketball program is being investigated by the NCAA.

"The men's basketball program has a great history and a tradition of excellent. Our goal, above all, is to ensure we have a program that UConn Nation can be proud of, including our students, alumni, fans and all our committed supporters, "said President Susan Herbst.

Athletic Director David Benedict said, "It is unfortunate that this decision became necessary. As with all of programs, we hold men's basketball to the highest standards. We will begin a national search immediately to identify our next head coach."

UConn won 14 games and lost 18 this year. Rhode Island Coach Dan Hurley is considered the favorite to replace Ollie, according to national reports.