The Colorado St. Rams are currently in the market for a new head basketball coach to head up next year's men's team. Former coach Tim Miles accepted a job with the Nebraska Cornhuskers last weekend and CSU athletic director Jack Graham is already on the hunt to find a suitable replacement.

According to The Coloradoan, Miles owed the school $350,000 as a result of leaving Colorado State prior to June 30, based on the terms of last year's three-year extension he signed with the Rams. Nebraska is stepping in to pay the fee, ponying up almost immediately after inking the coach.

Miles will reportedly receive a hefty pay bump at his new school. He was due to begin receiving a salary of $750,000 starting on July 1 at Colorado State, but will receive a reported $1.4 million in his first year at Nebraska.

For more on CSU basketball, visit MWC blog Mountain West Connection and SB Nation Denver.