Rutgers coach Gary Waters admitted to his staff Sunday that he is considering resigning but hasn't made up his mind yet, a source close to the Rutgers staff told ESPN.com on Monday.
The Bergen Record of New Jersey reported Monday morning that Waters' five-year tenure is nearing an end, with a reported $500,000 offer on the table to buy out the remaining four years of his contract.
The source told ESPN.com that Waters told his staff "nothing has been worked out" and said, "He's not sure what direction he's going to go."
The Scarlet Knights beat South Florida 62-44 on Sunday at the RAC to move to 16-12 on the season and 6-9 in the Big East in a rebuilding year. Rutgers, with one game remaining at St. John's on Saturday, appears safe for a Big East tournament spot.
The Scarlet Knights don't have a senior in their top six and if their leading scorer, junior guard Quincy Douby (24.7 ppg), returns next season, Rutgers should move up in the league.
Waters told ESPN.com two weeks ago that he didn't think he was in trouble with a new four-year contract he signed last year. Waters was responding to heat he was getting in the local media for missing the Marquette game on Feb. 12. He didn't make it back to New Jersey after attending a Kent State hall of fame induction ceremony on his behalf. A blizzard closed area airports, and despite numerous attempts he was unable to get back in time for the game. Assistant Fred Hill coached the Knights to a key win over Marquette.
Hill was brought in to beef up recruiting and eventually possibly replace Waters if he decided to move on. There was no written agreement but a source said the intent was that at some point Waters would move on and Hill would replace him. That succession plan may or may not still be in play if Waters is forced out.
The Scarlet Knights were off Monday.
The Bergen Record reported Waters didn't deny settlement talks but said nothing had been finalized.
The Record reported Waters said, "Nothing's been agreed upon. I haven't accepted anything yet."
Waters said he's "focused on my team."
Rutgers is likely an NIT team if it can't win the Big East tournament.
Andy Katz is a senior writer at ESPN.com.