Valvano Settles for $212,000 Buyout : College Basketball: He says he’s not bitter as 10-year coaching reign at N.C. State ends.

Finally, Jim Valvano is out as North Carolina State’s basketball coach.

Valvano’s 10-year reign with the Wolfpack ended Saturday when the school agreed to buy out his contract for $212,000, nearly $300,000 less than he asked for originally.

Valvano’s contract called for a $500,000 payment if he was fired without cause. The school originally offered Valvano $106,000, his annual base salary.

The settlement ended six weeks of fighting by Valvano to keep his job in the wake of reports that former players accepted cash from boosters while playing at N.C. State and allegations of point-shaving. Valvano was never implicated in the allegations.

Valvano was also criticized for the lack of academic progress made by the players he recruited.

In 1989, N.C. State was placed on two years’ probation by the NCAA after finding that players sold basketball shoes and complimentary tickets.

But, as was his trademark through his tenure at N.C. State, Valvano maintained his positive approach and sense of humor as he said goodby.

“There is no bitterness at all,” he said. “There is nothing but joy in the last 10 years, even the last year and a half. If we are all a product of our environment, then I’ve had a great deal of experiences that will fortify me in the years to come.

“In the 10 years that I will think about N.C. State, I think of the great times I had, from my first game here right up until the last game and the ovation I got from the folks. I’ve told you I’m an optimist, not a pessimist, so I tend to look on those bright things.”

Some Wolfpack players, including star guard Chris Corchiani, said they might transfer if Valvano did not come back. Valvano said he will meet with the team Monday and tell them his departure was not enough of a reason to change schools.

“I don’t want them feeling that, ‘Coach V’s not here, so I shouldn’t be here,’ ” Valvano said.

But Corchiani said he’s not coming back next season.

“It’s out of loyalty to Coach Valvano,” he said. “Also, it’s in my best interest that I don’t stay here. Everything’s been handled in such a bad fashion, I don’t see things turning around in one year. I would like to enjoy my last year of college basketball.

“I love Raleigh, I love our fans, I love our team. I especially love our coach. It hurts deeply for me to know I won’t be here.”

University chancellor Larry K. Monteith said Valvano will receive his regular salary payments--totaling $26,509.24--through May 15. Then Valvano will receive a $212,000 lump-sum payment.

In the last five days, Valvano sought to meet with N.C. State’s Board of Trustees but was turned down. On Friday, he announced a proposal to remain at the school for one more year for a salary of $1. That was turned down as well.

Valvano, who led the Wolfpack to the 1983 national championship, said the last 18 months have been difficult for him and his family, as well as his team. But he also said they provided strength.

Valvano also said he had an agreement with the Wolfpack Club, the school’s booster organization, but would not discuss details.

“Even in adversity, you have some of your best moments,” Valvano said. “The last two basketball teams have been remarkable in their efforts, and in the last six months, the support of the people in the state of North Carolina has been a great source of comfort for my family and myself.”

Valvano, 44, had a 209-114 record with the Wolfpack and took his team to the NCAA tournament seven times and the National Invitation Tournament once.