AUBURN, Ala. -- Jeff Lebo is out as Auburn's basketball coach, according to sources familiar with the situation. A release from the school is expected soon.

Lebo finished 96-93 in six years on the Plains, with a 35-61 SEC record.

Auburn must pay him $500,000 for each remaining year on his contract, meaning his buyout will be $1.5 million.

Lebo's teams had losing records in four of his six seasons, making the postseason only once. The Tigers appeared to turn a corner last season, qualifying for the NIT after a 24-12 season and advancing to the quarterfinals.

But they took a step back this season. Despite having five seniors, Auburn finished 15-17 overall and bowed out of the SEC tournament in the first round Thursday's against Florida. Lebo was 2-6 in SEC tournament games.

Here are Auburn's records by season under Lebo:

• 2004-05, 14-17, 4-12 SEC, T-5th West
• 2005-06, 12-16, 4-12 SEC, T-5th West
• 2006-07, 17-15, 7-9 SEC, T-3rd West
• 2007-08, 14-16, 4-12 SEC, 6th West
• 2008-09, 24-12, 10-6 SEC, 2nd West
• 2009-10, 15-17, 6-10, 5th West

We'll have more on the situation as it develops.

UPDATE: ESPN's Andy Katz tweeted a few early candidates for the position:

• Tony Barbee, UTEP head coach
• Chuck Person, Lakers special assistant
• Mike Anderson, Missouri head coach,
  
• Mike Davis, UAB head coach