Report: Mike Gundy, Oklahoma State Agree to Restructured Contract After 'Standoff'

After going winless in conference games this season, Oklahoma State and head coach Mike Gundy have reportedly agreed to extend their partnership.
According to The Action Network's Brett McMurphy, Gundy and Oklahoma State agreed "in principle to a restructured contract" on Saturday.
ESPN's Chris Low reported earlier Saturday there was "growing optimism" that Gundy and Oklahoma State would come to terms on a new contract.
ESPN's Pete Thamel first reported the two sides were in a "standoff" and had meetings on Friday. The school reportedly asked Gundy to take a "significant pay cut" that would also reduce his buyout, which is currently around $25 million.
Even though the two sides seemed inclined to get something done, Thamel did point out that Oklahoma State had discussed firing Gundy for cause if he didn't agree to a new deal.
Gundy signed a perpetual five-year contract with the university in October 2021. The deal extends by a season every year on Jan. 1, so he is currently signed through 2028.
Oklahoma State announced in March 2022 a change to Gundy's deal that increased his annual compensation by $1 million, as well as gave him an annual retention bonus of $1 million every year for five years.
Gundy has generated controversy multiple times throughout the 2024 season for some of his public comments. He said during Big 12 media days in July that he's probably driven a vehicle under the influence of alcohol "1,000 times" in his life to excuse star running back Ollie Gordon II's arrest on suspicion of DUI.
In the wake of a 42-21 loss to Arizona State on Nov. 2 that dropped the Cowboys' record in Big 12 play to 0-6, Gundy said at a press conference that people who were critical of his coaching "are the same ones that can't pay their own bills."
Gundy did issue public apologies after both incidents.
After starting this season 3-0 in non-conference games, Oklahoma State lost its last nine games against Big 12 opponents. It's the first time the program has gone winless in conference play since 1993 when it finished 0-7 in the Big 8.
The three wins and .250 winning percentage for the Cowboys are both the worst single-season marks of the Gundy era. He was named head coach in 2005 after Les Miles was hired by LSU to replace Nick Saban.
Gundy, who played quarterback at Oklahoma State from 1986 to '89, has a 169-88 record as head coach at his alma mater. The Cowboys have won at least 10 games eight times since 2010.