AUSTIN, Texas - Texas basketball coach Rick Barnes will be released after yet another quick exit from the postseason, people with knowledge of the decision told the Associated Press on Saturday.

The decision came after Texas athletic director Steve Patterson and Barnes met Saturday, according to the people who requested anonymity because the school wasn't expected to make a formal announcement before Sunday.

The 60-year-old Barnes shaped Texas into a national basketball power with three Big 12 championships and 16 NCAA tournament appearances in 17 years. He had four years left on his contract at $2.65 million per year and will receive a severance of $1.75 million under his contract because he is being released before April 1.

Barnes didn't immediately respond to text and telephone messages seeking comment.

Barnes built a program with NBA-level talent that reached the Final Four in 2003 and produced two national players of the year in T.J. Ford (2003) and Kevin Durant (2007). Barnes also led Texas within one game of the Final Four in 2005 and 2008.