Mike Gundy cried poor to the media before playing Oregon in Week 2, revealing that Oklahoma State spent “around $7 million” on its team while “I think Oregon spent close to $40 million last year alone.” Now, after a 69-3 beating in Eugene on Saturday, the folks in Stillwater may start scrounging up money, not to close Gundy’s speculated $33 million deficit, but to find a way out of his contract, which runs through 2028.
If Oklahoma State decided to fire Gundy after this season, his 21st at the helm for the Cowboys, the program would owe him $15 million. That arrangement was settled in December 2024 when Gundy agreed to a restructured contract that reduced his salary by $1 million a year and included a reworked buyout.
Gundy is owed $6.75 in 2025, a mark that will climb by $125,000 each year through the 2028 season, the final year of the contract. The winningest coach in Oklahoma State history, who notched his 170th career victory in Week 1 against UT Martin, 27-7, is suddenly on one of the hottest seats in college football after last season’s 3-9 record. It was the first time the Cowboys had missed a bowl since his first year as the head coach in 2005.
Gundy is still just two years removed from a 10-win season in 2023, but the outlook in Stillwater is grim after Saturday’s harsh reminder from Dan Lanning that the program is no longer on the level of other Power Conference contenders. The adjustment to the NIL and revenue-sharing era has not been kind to Oklahoma State, and realignment has robbed the Cowboys of their most cherished rivalry game against Oklahoma, which fled for the greener pastures and larger paydays in the SEC.
If the Cowboys are ready to move on from Gundy, this season could be the year to make the change, because the veteran head coach’s salary does not budge until 2027. If Gundy is fired after the 2026 season, his buyout remains at $15 million.
A contract restructure and pay reduction is typically the first sign that a head coach is on his way out, and if that is the direction that the program intended to head before the year, a 69-3 loss to Oregon will only rally more boosters to that cause. Gundy has complained about donor fatigue in the NIL era, but there’s plenty of reason to believe that the Cowboys' most deep-pocketed backers would be motivated to pay the $15 million price tag to move on from Gundy.