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On Thursday, despite a contract extension less than two years ago, Vanderbilt announced that UNC basketball product Jerry Stackhouse will not be the Commodores' head coach next season.

Fortunately for the 49-year-old, a former 18-year NBA journeyman wing, he has a considerable buyout coming his way.

This season, Stackhouse's fifth at Vanderbilt, the Commodores finished 9-23 overall and 4-14 in SEC regular-season play. It ended in notably disappointing fashion, as the squad allowed Arkansas to overcome a 15-point deficit in the second half of their SEC Tournament opening-round clash on Wednesday. Vanderbilt fell in overtime, 90-85.

There's no telling yet what's next for Jerry Stackhouse following his first job as head coach at the college level (he was the head coach of the Toronto Raptors' G League affiliate, Raptors 905, from 2016 to 2018). He posted a 70-92 overall record at Vanderbilt and never reached the NCAA Tournament.

"I appreciate the opportunity that Vanderbilt gave me to broaden my experience with the sport that I love, and one that has blessed me in more ways than I can count," said Stackhouse, a two-year UNC basketball sensation who earned consensus First Team All-American honors as a sophomore for the 1994-95 Tar Heels.

"It's been a privilege to serve as the head men's basketball coach for the last five years. My staff and I depart here extremely thankful for every opportunity we've had to help our players grow and develop on and off the floor."

Stay tuned to All Tar Heels on SI.com for more updates on past Tar Heels and other UNC basketball news.