Jim Larranaga stepped down as Miami men’s basketball head coach on Thursday, ending a 14-year stint with the Hurricanes. The 75-year-old head coach is nearly two years removed from bringing the Hurricanes to their first Final Four appearance.

Miami has lost eight of its last nine games, touting a 4-8 record to open the season. Larranaga’s abrupt, mid-season decision surprised many. On3’s Joe Tipton reported that players found out the news on social media.

Larranaga’s departure triggers the 30-day transfer portal window for Miami players. NCAA rules allow athletes on a team with a coaching change to enter the portal the day after the change. In this case, Miami athletes can start entering Friday.

According to the NCAA, an athlete who transfers after enrolling at a school cannot transfer during that same year and compete for a new school. Grad students could transfer if they don’t play in any games this fall and be eligible in the spring.

The former Bowling Green and George Mason head coach cited NIL as part of the reason for his retirement.

“At this point, after 53 years, I just didn’t feel that I could successfully navigate this whole new world that I was dealing with because my conversations were ridiculous with an agent saying to me, ‘Well, you can get involved [with a prospective player] if you’re willing to go to $1.1 million,’ and that would be the norm,” he said at a news conference on Thursday.

The college basketball transfer portal is scheduled for 30 days during the spring of the 2024-25 academic year. According to the NCAA, the portal opens for business on Monday, March 24, and closes on Tuesday, April 22, 2025. The national championship game will be played on April 7 at the Alamodome in San Antonio. Athletes would still be given a 30-day window to transfer after a head coach’s departure.

The college basketball transfer portal is starting to mirror the NBA’s free agency. Last spring alone, 1,962 Division I players tested the portal waters. According to college basketball analytics expert Evan Miyakawa, for the first time in history, more than half of the points scored in Division I men’s college basketball will be scored by players recruited through the transfer portal, not from high school in 2024-25.