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Rick Barnes out as Texas head coach

Barnes' 17-year run at Texas is over.

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Geoff Burke-USA TODAY Sports

After 17 seasons, Rick Barnes has been fired as the Texas basketball head coach. According to Jeff Goodman of ESPN, athletic director Steve Patterson informed Barnes of the decision on Saturday.

The university confirmed the news Sunday, calling the decision "mutual."

In a statement, Patterson said, "The University owes Rick a great deal of gratitude and respect for all he's done to put Texas on the Basketball map. He elevated our program immensely and always did it with class. He put our student-athletes first. He won with integrity. We thank Rick for his many years of service to Texas and wish him continued success in the future."

According to the Austin Statesman, Texas hopes to hire a new coach within a week. The paper reports Barnes would receive a $1.75 million severance package if terminated before the end of March. If fired after April 1, the value of the severance package drops to $1.5 million.

Since D.J. Augustin led the team to the Elite Eight in 2008, the Longhorns never advanced past the round of 32 and in 2013 missed the NCAA Tournament for the first time in Barnes' tenure. This year, Texas finished sixth in the Big 12, earned a No. 11 seed and lost, 56-48, in its first game to No. 6 Butler.

After this season, Patterson reportedly wanted Barnes to make changes to his staff and other parts of the program, something he refused to do. While there were issues along the way, Barnes' tenure at Texas was a successful one overall. He compiled a 402-180 record, good for a .691 winning percentage. The Longhorns won at least 20 games in 15 of his 17 seasons.

After Texas' official announcement, Barnes released his own statement:

"I am so blessed to have spent the last 17 years at The University of Texas. This university, the city of Austin and the great Texas fans have been so good to me and my family. I sincerely want to thank (former UT Men's Athletics Director) DeLoss Dodds and (former UT Chairman of the Board of Regents) Don Evans for their work in bringing me here and providing me with this great opportunity.

I leave this job with no regrets. Instead, I look back at our time here and say 'thank you' to all the players, coaches and staff who have worked with our program throughout the last 17 years. I am so proud of our players and their success, not only on the court, but also in the classroom and in the community. I'm humbled when I really step back and think about how many of them have gone on to be such great all-around men in life."

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