Sources - Mike Gundy, Oklahoma State agree to restructured deal - ESPN

Oklahoma State and Mike Gundy have reached an agreement on a restructured contract, and he will remain the Cowboys' coach, sources told ESPN on Saturday.

The two sides had discussions Friday and Saturday about a new deal after the Oklahoma A&M regents, who oversee Oklahoma State, held a special meeting Friday morning to discuss Gundy's employment and other football staff employment matters. The meeting did not end with any resolution Friday, but board chair Jimmy Harrel told local reporters, «We have a plan.»

As part of the restructuring of Gundy's contract, his $7.75 million annual salary will be reduced to be redistributed as part of revenue sharing with players, and his buyout will be reduced, sources told ESPN. Gundy would have been owed $25.3 million had he been fired without cause.

Sources said Gundy was already on board to give up part of his salary to help with revenue sharing but that the two sides differed initially on the amount of the salary reduction, leading to two days of uncertainty surrounding his future.

Sources told ESPN that Gundy had the support of school president Kayse Shrum and athletic director Chad Weiberg but that at least one regent was in favor of moving on from Gundy.

Gundy is Oklahoma State's all-time winningest coach and has led his alma mater to a 169-88 record since being promoted to the role in 2004. Gundy guided the Cowboys to the Big 12 title in 2011, league runner-up finishes in 2021 and 2023, and 18 consecutive bowl appearances before this season, when he recorded his worst record at 3-9 and went winless in conference play. Oklahoma State ended its season a week ago when it fell 52-0 at Colorado.

Gundy's previous deal was a rolling five-year contract, which extends on Jan. 1 of each