Virginia Commonwealth University offered men's basketball coach Shaka Smart a $1 million raise in order for him to stay, according to a USA Today report.
The offer would have constituted a 55% raise, and elevated Smart's annual salary to $2.8 million. Smart made $1.8 million during the 2013-14 season, according to ESPN.
The school expects to hire a "familiar face" to replace Smart, the report said. It cited three potential replacement candidates, all of whom coached under Smart previously: VCU assistant Jeremy Ballard, Chattanooga coach Will Wade and Mount St. Mary's coach Jamion Christian.
Smart agreed to take the head coaching position at the University of Texas on Thursday night.
Texas athletic director Steve Patterson flew to Virginia earlier in the afternoon to meet with Smart.
Smart held a team meeting at the Siegel Center late Thursday to inform players and staff of his decision.
- Will Green