Jerry Stackhouse has been informed that he will not return for a sixth season as Vanderbilt's coach, the school announced Thursday.

The former North Carolina and NBA player signed a contract extension before the 2022-23 season, and the school is now expected to pay a significant buyout. Details are not available because Vanderbilt is a private institution.

"I want to thank Coach Stackhouse for his competitive spirit and service to this University for the last five years," athletic director Candice Storey Lee said in a statement. "I appreciate his care for and attention to our student-athletes as they grew on and off the court. Commodore Nation will always remember the 'Memorial Magic' moments we experienced under Coach Stackhouse's leadership. Given his pedigree, experience, and love of the game, I look forward to seeing what's next for him. I wish him, Ramirra and his family nothing but the best in the future."

The move comes after the Commodores blew a 15-point second-half lead in Wednesday's season-ending overtime loss to Arkansas in the SEC tournament, bringing a 9-23 campaign to an end.

Stackhouse, an All-American at UNC and two-time All-Star during his 18-year NBA career, was hired by Vanderbilt in 2019 to replace Bryce Drew. He had previously served as an assistant coach for the Memphis Grizzlies and Toronto Raptors and was the head coach for the Raptors 905 G League team.

"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," Stackhouse said. "It's been a privilege to serve as the head men's basketball coach for the last 5 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."

After back-to-back three-win SEC campaigns in his first two seasons at the helm, there were signs of optimism for Stackhouse and the Commodores in his third and fourth seasons. The team went 19-17 in 2021-22, winning two SEC tournament games and advancing to the NIT quarterfinals. Last season, Vanderbilt won eight of its final nine regular-season games and then reached the SEC tournament semifinals, playing itself onto the NCAA tournament bubble. While the Commodores weren't selected to the tournament, they played in the NIT and again reached the quarterfinals.

But the promise disappeared this season, as Vanderbilt opened SEC play with seven straight losses en route to a 9-23 overall record, going 4-14 in the SEC.