Larry Eustachy’s successful and turbulent tenure as Colorado State’s head basketball coach came on an end after he reached a $750,000 settlement with the university before resigning on Monday.

According to the university’s web site, Eustachy will formally resign at the end of his current contract year, and under the terms of an agreement will remain on paid leave until June 30. As part of that amended contract agreement, Eustachy will receive a total of three payments of $250,000 over the next two years.

“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.

“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!”

Joe Parker, director of athletics at Colorado State, said he appreciated Eustachy’s efforts on behalf of the university, and supported his decision to step down. The assistant coaching staff will be retained through June 30, which is standard practice at the university under coaching changes, Parker said.

The contract amendment was agreed to by Eustachy and Parker and finalized this week. Discussions were initiated after Eustachy was placed on leave as part of a climate assessment of the program conducted by Parker. As a result of Eustachy’s decision to resign and amend his contract, there were no final conclusions or recommendations associated with the assessment.

“I am grateful for the contributions Coach Eustachy has made to the Colorado State men’s basketball program and for the time we have worked together,” Parker said. “In turn, I understand and support Larry’s interest to shift his energy toward opportunities beyond his tenure at CSU.”