Major College Basketball Coach Reportedly Fired, Is Owed Millions Of Dollars: DETAILS

Iowa reportedly has pulled the trigger on ending Fran McCaffery's time in Iowa City.

There has been speculation for weeks that the long-time Hawkeyes basketball coach could be on his way out the door, and an early exit in the B1G Tournament didn't help soothe fears.

Not only did Iowa lose to Illinois Thursday, but McCaffery got ejected in the second half after back-to-back technical fouls seconds apart.

As I wrote earlier Friday, it will be the last moments he spent with the team.

Iowa Hawkeyes head coach Fran McCaffery gestures towards a referee during the second half against the Illinois Fighting Illini at Gainbridge Fieldhouse. McCaffery would receive his second technical foul and be ejected. (Credit: Robert Goddin-Imagn Images via USA Today Sports Network)

Iowa reportedly fires Fran McCaffery.

Iowa fired McCaffery Friday afternoon following a 17-16 season, according to multiple reports. He ends his time with the Hawkeyes as the program's winningest coach with a record of 297-207.

However, a lack of postseason success for several years and no indications of improvement on the way has seen him ushered out the door.

Iowa reportedly has fired basketball coach Fran McCaffery. (Photo by Keith Gillett/Icon Sportswire via Getty Images)

Now, the good news for McCaffery is that he won't have to worry about money. Iowa still owes him millions of dollars.

His buyout is $3.9 million, according to HawkCentral. If you're going to get fired from a job, being a college coach is right near the top of the list for best positions to lose.

It's one of the few jobs where you can earn life-changing money for *NOT* working.

Iowa owes Fran McCaffery nearly $4 million in buyout money after reportedly firing him.  (Photo by Michael Hickey/Getty Images)

One of the biggest things this signals is that the Big Ten is in a new era in football and basketball following expansion and a flood of unprecedented TV money.

Teams, fans and boosters expect to win. Not only do they expect to win, but they expect to compete at the highest levels, given the incredible resources.

McCaffery, unfortunately for him, simply couldn't do it down the stretch the past few years. He was 55-45 the past three seasons, and missed the NCAA Tournament back-to-back seasons.

That's not going to cut it anymore. It might have six or seven years ago, but not in the era we're all living in now. Not even close.

Iowa reportedly fired men's basketball coach Fran McCaffery. (Photo by Matthew Holst/Getty Images)

Best of luck to whoever Iowa hires next. The timetable for immediate improvement in the modern Big Ten is a very tight one. Let me know at David.Hookstead@outkick.com what you think.